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Base Prospectus dated November 17, 2020 This document constitutes a base prospectus for the purposes of Art. 8(1) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the "Prospectus Regulation") relating to issues of non-equity securities ("Non- Equity Securities") within the meaning of Art. 2(c) of the Prospectus Regulation under the Programme (as defined below) by SIGNA Prime Capital Market S.C.S.

SIGNA Prime Capital Market S.C.S. (incorporated in the Grand Duchy of Luxembourg as a partnership limited by shares) EUR 500,000,000 Debt Issuance Programme guaranteed by SIGNA Prime Selection AG (incorporated in Austria as a stock corporation) Under this base prospectus (together with any documents incorporated by reference herein, the "Base Prospectus"), SIGNA Prime Capital Market S.C.S. (the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue unsubordinated bearer notes in a minimum denomination of EUR 100,000.00 per note (each a "Note" and, together, the "Notes"). The payments of all amounts due in respect of Notes issued by the Issuer will be unconditionally and irrevocably guaranteed by Signa Prime Selection AG (the "Guarantor"). The aggregate principal amount of Notes issued under the Debt Issuance Programme described in this Base Prospectus (the "Programme") outstanding will not at any time exceed EUR 500,000,000 (or the equivalent in other currencies). The principal amount of the Notes, the issue currency, the interest payable in respect of the Notes, the issue prices and maturities of the Notes and all other terms and conditions which are applicable to a particular Series and, if applicable, Tranche of Notes (each term as defined below, see "General description of the Programme") will be set out in the document containing the final terms (each "Final Terms") within the meaning of Art. 8(4) of the Prospectus Regulation. This Base Prospectus has been approved as a prospectus by the Commission de Surveillance du Secteur Financier (the "CSSF") of Luxembourg as competent authority under the Prospectus Regulation and the Luxembourg law dated 16 July 2019 on prospectus for securities (loi relative aux prospectus pour valeurs mobilières – the "Prospectus Law"). The CSSF only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or of the quality of the Notes that are the subject of this Base Prospectus. Investors should make their own assessment as to the suitability of investing in the Notes. Moreover, in the context of such approval, the CSSF neither assumes any responsibility nor gives any undertakings as to the economic and financial soundness of the transaction and the quality or solvency of the Issuer in line with the provisions of article 6(4) of the Prospectus Law. Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme to be listed on the official list of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market "Bourse de Luxembourg". The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive 2014/65/EU (as amended, "MiFID II"). However, Notes may be listed on any other stock exchange or may be unlisted as specified in the relevant Final Terms. This Base Prospectus and any supplement to this Base Prospectus will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Base Prospectus is valid for a period of twelve months after its approval. Its validity ends upon expiration of November 17, 2021. The obligation to supplement this Base Prospectus in the event of significant new factors, material mistakes or material inaccuracies does not apply when this Base Prospectus is no longer valid. This Base Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy, the Notes in any jurisdiction where such offer or solicitation is unlawful. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and subject to certain exceptions, the Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons. Prospective purchasers of the Notes should ensure that they understand the nature of the Notes and the extent of their exposure to risks and that they consider the suitability of the Notes as an investment in light of their own circumstances and financial condition. Investing in the Notes involves certain risks. Please review the section entitled "Risk Factors" beginning on page 3 of this Base Prospectus.

Arranger CITIGROUP

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RESPONSIBILITY STATEMENT

The Issuer with its registered office in the Grand Duchy of Luxembourg and Signa Prime Selection AG (the "Guarantor" or "SIGNA Prime" and, together with its consolidated subsidiaries, the "Group" ) accept responsibility for the information contained in and incorporated by reference into this Base Prospectus and for the information which will be contained in the Final Terms.

Each of the Issuer and the Guarantor hereby declares that to the best of its knowledge the information contained in this Base Prospectus for which it is responsible is in accordance with the facts and that this Base Prospectus makes no omission likely to affect its import.

NOTICE TO INVESTORS

This Base Prospectus should be read and understood in conjunction with any supplement hereto and with any other documents incorporated herein by reference (see "Documents Incorporated by Reference" below). Full information on the Issuer, the Guarantor and any Tranche of Notes is only available on the basis of the combination of the Base Prospectus and the relevant Final Terms.

No person has been authorised to give any information or to make any representation other than those contained in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Guarantor or the Arranger (as defined in "General Description of the Programme").

Neither the Arranger nor any other person mentioned in this Base Prospectus, excluding the Issuer and the Guarantor, is responsible for the information contained in this Base Prospectus or any supplement thereof, or any Final Terms or any other document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents.

Neither the delivery of this Base Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer since the date hereof or the date upon which this Base Prospectus has been most recently supplemented or that there has been no adverse change in the financial position of the Issuer since the date hereof or the date upon which this Base Prospectus has been most recently supplemented or that any other information supplied in connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuer, the Guarantor and the Arranger to inform themselves about and to observe any such restriction.

The Notes and the Guarantee have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. The Notes will be issued in bearer form and are subject to certain U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S. person. The term "U.S. person" has the meaning ascribed to it in Regulation S under the Securities Act ("Regulation S") and the U.S. Internal Revenue Code of 1986, as amended (the "Code") and regulations thereunder. The Notes are being offered and sold outside the United States to non-U.S. persons pursuant to Regulation S and may not be legally or beneficially owned at any time by any U.S. person. For a description of certain restrictions on offers and sales of Notes and on distribution of this Base Prospectus, see "Subscription and Sale - Selling Restrictions".

Neither this Base Prospectus nor any supplement(s) thereto nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Neither this Base Prospectus nor any supplement(s) thereto nor any Final Terms constitute an offer or an invitation to subscribe for or purchase any Notes and should not be considered as a recommendation by the Issuer, the Guarantor or the Arranger that any recipient of this Base Prospectus, any supplement thereto, or any Final Terms should subscribe for or purchase any Notes. Each recipient of this Base Prospectus or any Final Terms shall be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer and the Guarantor.

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The language of the Base Prospectus except for the form of terms and conditions of the Notes is English. The binding language of the terms and conditions of each Series of Notes will be specified in the relevant Final Terms.

The information on any website referred to in this Base Prospectus do not form part of the Base Prospectus and has not been scrutinized or approved by the CSSF unless that information is expressly incorporated by reference into the Base Prospectus.

MIFID II PRODUCT GOVERNANCE / TARGET MARKET

The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealer nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.

PRIIPS REGULATION / EEA AND UK RETAIL INVESTORS

If the Final Terms in respect of any Notes include a legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97/EU as amended (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.

STABILISATION

In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers (if any) named as stabilising manager(s) in the relevant Final Terms (or persons acting on behalf of a stabilising manager) may overallot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the Issue Date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant stabilising manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in accordance with all applicable laws and rules of any relevant jurisdiction (including rules and other regulatory requirements governing any stock exchange where such Notes are listed).

FORWARD-LOOKING STATEMENTS

This Base Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that does not relate to historical facts and events. They are based on analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and assumptions. This applies, in particular, to statements in this Base Prospectus containing information on

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future earning capacity, plans and expectations regarding the Group's business and management, its growth and profitability, and general economic and regulatory conditions and other factors that affect it.

Forward-looking statements in this Base Prospectus are based on current estimates and assumptions that the Issuer and the Guarantor make to the best of their present knowledge. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results, including the Group's financial condition and results of operations, to differ materially from and be worse than results that have expressly or implicitly been assumed or described in these forward-looking statements. The Group's business is also subject to a number of risks and uncertainties that could cause a forward-looking statement, estimate or prediction in this Base Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the following sections of this Base Prospectus: "Risk Factors" and "Description of the Guarantor and the Group". These sections include more detailed descriptions of factors that might have an impact on the Group's business and the markets in which it operates.

In light of these risks, uncertainties and assumptions, future events described in this Base Prospectus may not occur. In addition, neither the Issuer nor the Arranger, nor any Dealer assumes any obligation, except as required by law, to update any forward-looking statement or to conform these forward-looking statements to actual events or developments.

SOURCES OF MARKET DATA

This Base Prospectus contains assessments of market data and information derived therefrom, which could not be obtained from any independent sources. Such information is based on SIGNA Prime's own internal assessments and may therefore deviate from the assessments of competitors of SIGNA Prime or future statistics by independent sources. As regards SIGNA Prime's market positions, SIGNA Prime's own estimations are mainly based on company data which is either derived from information by competitors or from data provided by independent research companies.

To the extent not otherwise indicated, the information contained in this Base Prospectus on the market environment, market developments, growth rates, market trends and competition in the markets in which SIGNA Prime operates are based on the Issuer's assessments. These assessments, in turn, are based in part on internal observations of the market and on various market studies.

• European Commission, "European Economic Forecast – Spring 2020", published May 6, 2020, https://ec.europa.eu/info/sites/info/files/economy-finance/ip125_en.pdf, ("EEF");

Irrespective of the assumption of responsibility for the content of this Base Prospectus by the Issuer, and while SIGNA Prime believes that such information from third parties is reliable, SIGNA Prime has not independently verified the figures, market data or other information on which third parties have based their studies. Accordingly, SIGNA Prime makes no representation or warranty as to the accuracy of any such information from third-party studies. Prospective investors should note that SIGNA Prime's own estimates and statements of opinion and belief are not always based on studies of third parties.

To the extent information contained in this Base Prospectus has been sourced from third parties, such information has been accurately reproduced and as far as SIGNA Prime is aware and able to ascertain from information published by that respective third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

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TABLE OF CONTENTS

Section Page

1. GENERAL DESCRIPTION OF THE PROGRAMME ...... 1 1.1 General ...... 1 1.2 Issues of Notes ...... 1 1.3 Distribution of Notes ...... 2 1.4 Listing of Notes ...... 2 2. RISK FACTORS ...... 3 2.1 Risk Factors Relating to Industry and Business ...... 3 2.2 Risk Factors Relating to Financing ...... 17 2.3 Risk Factors Relating to Regulatory, Legal and Tax ...... 20 2.4 Risk Factors Relating to the Notes ...... 26 2.5 Risk Factors Relating to the Guarantee ...... 28 3. ISSUE PROCEDURES ...... 29 3.1 General ...... 29 3.2 Documentation of the Conditions ...... 29 3.3 Determination of Options / Completion of Placeholders ...... 29 4. TERMS AND CONDITIONS OF THE NOTES EMISSIONSBEDINGUNGEN ...... 30 5. THE GUARANTEE ...... 72 6. FORM OF FINAL TERMS ...... 88 7. DESCRIPTION OF THE ISSUER...... 97 7.1 Formal Description of Issuer ...... 97 7.2 Organizational Structure ...... 97 7.3 Share Capital / Shareholder Structure ...... 97 7.4 Statutory Auditors ...... 98 7.5 Business Overview ...... 98 7.6 Administration, Management and Supervisory Bodies of the Issuer ...... 98 7.7 Conflicts of Interest ...... 99 7.8 Financial Information ...... 99 7.9 Legal and Arbitration Proceedings ...... 99 7.10 Significant Change in the financial position or financial performance of the Issuer ...... 99 8. DESCRIPTION OF THE GUARANTOR AND THE GROUP...... 100 8.1 Formal Description of Guarantor...... 100 8.2 Organizational Structure ...... 100 8.3 Business Overview ...... 100 8.4 Portfolio Overview ...... 101 8.5 Recent Material Transactions ...... 102 8.6 Share Capital / Shareholder Structure ...... 103 8.7 Statutory Auditors ...... 103 8.8 Administration, Management and Supervisory Board of the Guarantor ...... 103 8.9 Legal and Arbitration Proceedings ...... 107 8.10 Financial Information ...... 108 8.11 Material Agreements ...... 108 8.12 Trend Information ...... 109 8.13 Environmental, Social and Governance Approach ...... 109 8.14 Outlook ...... 112 9. USE OF PROCEEDS ...... 113

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10. TAXATION AND TAXATION WARNING ...... 114 10.1 Taxation in Luxembourg ...... 114 10.2 Taxation in Austria ...... 117 10.3 The proposed financial transactions tax ("FTT") ...... 119 11. SUBSCRIPTION AND SALE ...... 120 11.1 Subscription ...... 120 11.2 Transfer and Selling Restrictions...... 120 12. GENERAL INFORMATION ...... 122 12.1 Supplements to this Base Prospectus ...... 122 12.2 Interests of the Dealers ...... 122 12.3 Authorisation ...... 122 12.4 Clearing Systems ...... 122 12.5 Legal Entity Identifiers ...... 122 12.6 Documents Available ...... 123 12.7 Third Party Information: ...... 123 13. DOCUMENTS INCORPORATED BY REFERENCE ...... 124 13.1 Documents Incorporated by Reference...... 124 13.2 Availability of Documents ...... 125 14. NAMES AND ADDRESSES ...... 126

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1. GENERAL DESCRIPTION OF THE PROGRAMME

1.1 General

Under the Programme, the Issuer, subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the "Notes") to Citigroup Global Markets Limited, Citigroup Global Markets Europe AG and any additional dealer appointed under the Programme from time to time by the Issuer which appointment may be for a specific issue or on an ongoing basis (each a "Dealer" and, together, the "Dealers").

Citigroup Global Markets Limited acts as arranger in respect of the Programme (the "Arranger").

Citibank Europe PLC will act as paying agent (the "Paying Agent").

The aggregate principal amount of the Notes outstanding at any one time under the Programme will not exceed EUR 500,000,000 (or its equivalent in any other currency) (the "Programme Amount"). The Issuer may increase the Programme Amount in accordance with the terms of the Dealer Agreement (as defined herein) from time to time.

1.2 Issues of Notes

Notes may be issued on a continuing basis to one or more of the Dealers.

The Notes issued under this Base Prospectus will be issued as fixed rate notes.

The Notes will have the benefit of a guarantee given by the Guarantor (the "Guarantee"). The Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the Guarantor ranking pari passu with all other unsecured and unsubordinated obligations of the Guarantor. The Guarantee will be governed by German law.

Notes will be issued in tranches (the "Tranches"), each Tranche in itself consisting of Notes, which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a series (the "Series") of Notes. Further Notes may be issued as part of existing Series.

Notes of any Tranche may be issued at a price (the "Issue Price") equal to their principal amount or at a discount or premium to their principal amount. The Issue Price for the Notes of any Tranche issued on a syndicated basis will be determined at the time of pricing on the basis of a yield which will be determined on the basis of the orders of the investors which are received by the Dealers during the offer period. Orders will specify a minimum yield and may only be confirmed at or above such yield. The resulting yield will be used to determine the Issue Price.

Notes will be issued in such denominations as may be agreed between the Issuer and the relevant Dealer(s) and as indicated in the relevant Final Terms save that the minimum denomination of the Notes will be, if in euro, EUR 100,000.00, and, if in any currency other than euro, an amount in such other currency at least equivalent to EUR 100,000.00 at the time of the issue of Notes. Subject to any applicable legal or regulatory restrictions, and requirements of relevant central banks, Notes may be issued in euro or any other currency.

Notes will be issued with such maturities as may be agreed between the Issuer and the relevant Dealer(s), subject to such minimum or maximum maturities as may be allowed or required from time to time by any laws, regulations and directives applicable to the Issuer or the relevant currency.

The principal amount of the Notes, the currency, the interest payable in respect of the Notes, if any, the Issue Price and maturities of the Notes which are applicable to a particular Series and, if applicable, Tranche will be set out in the relevant Final Terms.

The yield for Notes with fixed interest rates will be calculated by the use of the International Capital Market Association ("ICMA") method, which determines the effective interest rate of notes taking into account accrued interest on a daily basis.

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The Notes will be freely transferable in accordance with the rules and regulations of the relevant clearing system.

1.3 Distribution of Notes

The offer and distribution of any Notes of any Tranche will be subject to selling restrictions, including those for the United States, the European Economic Area and the United Kingdom. See section "11. Subscription and Sale" below.

1.4 Listing of Notes

Application has been made to the Luxembourg Stock Exchange for Notes issued under the Programme to be listed on the official list of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market "Bourse de Luxembourg", appearing on the list of regulated markets issued by the European Commission and may be made on any other regulated market in a Member State of the EEA or the UK (a "Regulated Market"). The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of MiFID II. However, Notes may be listed on any other stock exchange or may be unlisted as specified in the relevant Final Terms.

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2. RISK FACTORS

Before deciding to purchase Notes issued under the Programme, investors should carefully review and consider the following risk factors and the other information contained in this Base Prospectus. Should one or more of the risks described below materialize, this may have a material adverse effect on the business, prospects, shareholders' equity, assets, financial position and results of operations (Vermögens-, Finanz- und Ertragslage) or general affairs of SIGNA Prime Capital Market S.C.S., Signa Prime Selection AG or the Group. Moreover, if any of these risks occur, the market value of Notes issued under the Programme and the likelihood that the Issuer will be in a position to meet its payment obligations under Notes issued under the Programme may decrease, in which case the holders of Notes (the "Holders") issued under the Programme could lose all or part of their investments. Factors which the Issuer believes may be material for the purpose of assessing the risks associated with Notes issued under the Programme are also described below.

The Issuer believes that the factors described below represent the principal risks inherent in investing in Notes issued under the Programme, but the Issuer may be unable to pay interest, principal or other amounts on or in connection with Notes issued under the Programme for other unknown reasons than those described below. Additional risks of which the Issuer is not presently aware could also affect the business operations of SIGNA Prime Capital Market S.C.S., Signa Prime Selection AG or the Group and have a material adverse effect on their business activities, financial condition and results of operations. Prospective investors should read the detailed information set out elsewhere in this Base Prospectus (including any documents incorporated by reference herein) and reach their own views prior to making any investment decision.

The following risk factors are organized in categories depending on their respective nature. In each category the most material risk factor, based on the probability of its occurrence and the expected magnitude of its negative impact, is mentioned first.

RISK FACTORS RELATING TO THE ISSUER

SIGNA Prime Capital Market S.C.S. was established as a special purpose vehicle for the purpose of issuing Notes under the Programme. As such, it raises funds and on-lends monies to SIGNA Prime by way of intra- group loans. Typically, the terms of such intra-group loans match those of the payment obligations of the Issuer under notes issued by it to fund those loans. In the event that SIGNA Prime fails to make a payment under an intra-group loan, the Issuer may not be able to meet its payment obligations under the Notes.

RISK FACTORS RELATING TO THE GUARANTOR AND THE GROUP

2.1 Risk Factors Relating to Industry and Business

2.1.1 SIGNA Prime's business may be adversely impacted by negative developments in the German, Austrian, Italian and Swiss economies and commercial real estate markets in those countries, especially if Germany, Austria, Northern Italy, Switzerland and/or other European countries were to enter into a recession.

While operating throughout Germany, Austria, Switzerland and Northern Italy, SIGNA Prime is predominantly active in the German and Austrian commercial real estate markets, with a particular focus on centrally located ultra-prime inner-city properties such as the KaDeWe (Berlin), the Upper West (Berlin), the Oberpollinger (Munich), and the Park Hyatt (Vienna) in its Long-Term Portfolio and key projects for refurbishment, repositioning or redevelopment such as the mixed-use properties at the Ku'Damm (Berlin), the Hermannplatz (Berlin), the Bahnhofsplatz (Munich) and the Alte Akademie (Munich). The success of its business is therefore significantly correlated with the German, Austrian, Swiss and Italian real estate markets as well as the general economic developments in Germany, Austria, Switzerland and Northern Italy, which in turn affect the development of the commercial real estate business in those markets. The German, Austrian, Swiss and Italian real estate markets, together, are referred to as SIGNA Prime's "Target Markets". See section 8.4.1 "Description of the Guarantor and the Group – Portfolio Overview" below.

Recent developments have put significant pressure on our Target Markets. Prospects for the German, Austrian, Swiss and the North Italian economy further deteriorated as a result of the pandemic spread of a novel strain of the coronavirus and the infectious disease caused by it ("COVID-19") and the measures taken by various countries, including Germany, Austria, Northern Italy and Switzerland to combat its spread. These measures have resulted in a substantial slowdown in economic activity. The European Commission recently warned that European markets, including the German and Austrian economies, entered a severe and deep recession in the second quarter of 2020 (Source: EEF).

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If economic conditions in our Target Markets continue to deteriorate or fail to make a significant recovery, the perception by tenants of the continued deterioration of such economic conditions as well as a slowdown of customer demand for retail tenants' products could cause a substantial decline in the demand for commercial real estate and thereby adversely influence market prices, rent levels and vacancy rates in those commercial real estate markets and across SIGNA Prime's real estate portfolio. In addition, the levels of investment in commercial real estate or the financial strength of its tenants and investment activities of its tenants may also be influenced by macroeconomic factors such as unemployment rates, inflation, interest rates, the online commerce market affecting retail business, increases in taxes or perceived or actual declines in corporate investments and capital expenditure. In particular, a rise in the currently very low interest rates in Europe or the onset of a recession our Target Markets or the Eurozone could have an adverse effect on the commercial real estate market in Germany, Austria, Northern Italy and Switzerland. Higher interest rates could also result in reduced demand for real estate, making it more difficult to sell properties and in increasing financing costs. See 2.1.4 "The current economic situation is characterized by low interest rates, increasing valuations and an increased demand for investments in real estate. A rise in interest rates could have a material adverse impact on real estate markets, the valuation of real estate and on SIGNA Prime's business."

As a result of the geographic focus of its commercial real estate investments in Germany, Austria, Northern Italy and Switzerland, a continued deterioration of economic conditions, including a continued recession in Germany, Austria, Northern Italy, Switzerland or Europe, affecting SIGNA Prime's Target Markets or a prolonged lack of growth in the German, Austrian, Italian and Swiss economies and overall macroeconomic conditions could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.2 The effects of the coronavirus pandemic could have a significant adverse impact on SIGNA Prime's Target Markets, and on SIGNA Prime, such as a decline in demand for office and retail space as well as hotel rooms.

The rapid spread of COVID-19 since it was declared a pandemic on March 11, 2020 has adversely impacted global economic activity and contributed to significant volatility and negative pressure in financial markets. Many countries, including Germany, Austria, Switzerland and Northern Italy, have taken strict measures including travel restrictions, quarantines, shelter-in-place orders, and similar government orders or restrictions, in an attempt to control the spread and mitigate the impact of the disease. Such orders and restrictions have resulted in, among others, business closures, work stoppages, slowdowns and delays, work-from-home policies, leading to a substantial slowdown in economic activity.

The medium- to long-term impact of COVID-19 on SIGNA Prime's Target Markets is difficult to predict. A further spread of COVID-19 (including further waves of infection) or another pandemic could result in:

• further decline in demand from institutional investors, particularly if banks reduce their mortgage lending activities as a result of an increase in interest rates or credit defaults;

• delays and losses of rental payments due to deterioration in SIGNA Prime’s tenants’ profitability;

• delays in obtaining zoning plans (Flächennutzungs-/widmungspläne), land-use plans (Bebauungspläne), or building permits (Baugenehmigungen) as a result of government agencies operating at minimum capacity;

• disruptions or delays in the operations of contractors or suppliers, or disruptions in their supply chains;

• penalty payments due to delayed completion and handover of projects that have been sold;

• falls in the consumer price index for Germany, Austria, Switzerland and Northern Italy, which could translate into a fall in rental income as the majority of SIGNA Prime commercial real estate property lease agreements contain indexation clauses to, for example, the consumer price index in its Target Markets;

• disruptions, delays or other impairments as regards internal business processes, in particular due to working from home schemes being implemented at the SIGNA Prime and potential increased risks in terms of IT exposure and data security;

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• business developments with a negative impact on multi-purpose luxury buildings, including trends towards working from home offices, a continued or further decline of the tourism industry as a whole and/or the accelerated development of trends toward alternative models of accommodation and trends toward online shopping;

• a further decline in, or a sustained period of, low occupancy rates in the hotel industry related to a regional or generalized outbreak of COVID-19, the application of occupancy limits or to the continuation or expansion of pandemic-related travel restrictions;

• temporary closures of construction sites, whether due to restrictions imposed by municipal, state or federal authorities, or a lack of skilled personnel;

• penalty payments due to delayed completion of refurbishment, repositioning or redevelopment projects;

• potential consequences of COVID-19-driven legislation, such as the moratorium on the termination of residential lease agreements during the period of April 1, 2020 through June 30, 2020 pursuant to the Austrian Law on Mitigation of the Impact of the COVID-19 pandemic in Civil Law (2. COVID-19-Justiz-Begleitgesetz), the moratorium for retail investors under certain contracts pursuant to Article 240 of the Introductory Act to the German Civil Code (Einführungsgesetz BGB) or other legislation with similar effect if the COVID-19 pandemic continues or worsens; and

• reduced access to debt and equity capital, limiting our ability to finance new land acquisitions and/or project redevelopments and potentially leading to a liquidity squeeze.

The full extent of the COVID-19 impact on the German and Austrian real estate markets is highly uncertain and subject to change, and will depend on a number of factors, including the scope and duration of the pandemic (including potential second or third waves of infection), actions taken by governmental authorities in response to the ongoing or re-emerging pandemic, the extent and duration of any economic recessionary conditions and the impact on the financial markets. Any further spread of the COVID-19 pandemic or any second wave of infection, or even the threat or perception that this could occur, or any protracted duration of decreased economic activity, could have a material adverse impact on SIGNA Prime.

2.1.3 SIGNA Prime could be adversely affected by a downturn in local real estate markets in Germany, Austria, Switzerland or Northern Italy or any other adverse developments in local real estate markets in Germany, Austria, Switzerland and/or Northern Italy, such as a decrease in the fair value of the properties of SIGNA Prime.

Based on the full valuation of assets irrespective of balance sheet treatment, e.g. at-equity accounting (the "Valuation") as of June 30, 2020, the majority of SIGNA Prime's Long-Term Portfolio was located in Germany and Austria, with approximately 22% in Berlin, 18% in Vienna, 15% in Zurich, 10% in Munich, 9% in Hamburg, 9% in Frankfurt, 6% in Cologne, and 12% in other city centres. The percentage of assets in these markets in the Long-Term Portfolio will likely increase in the future, and SIGNA Prime will be particularly exposed to any downturn in these local real estate markets. Any such downturns in local real estate markets, especially in Berlin, Vienna or Zurich, and a decrease in the fair value of SIGNA Prime's properties could have a significant adverse impact on the demand for SIGNA Prime's commercial real estate and the rents it receives. Such local developments and adverse changes could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.4 The current economic situation is characterized by low interest rates, increasing valuations and an increased demand for investments in real estate. A rise in interest rates could have a material adverse impact on real estate markets, the valuation of real estate and on SIGNA Prime's business.

Real estate markets are susceptible to changes in the overall economy. Factors that directly or indirectly affect the overall economy also impact supply and demand for real estate and thereby influence market prices of real estate, rent levels and vacancy rates. SIGNA Prime's business is therefore highly dependent on trends affecting Germany, Austria, Switzerland, Northern Italy and the Eurozone. In recent years, policymakers have used low interest rates to support economic development following the financial crisis. Low interest rates have supported demand for real estate, particularly as a result of the availability of

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inexpensive financing. In addition, the low interest rate environment has increased the popularity of acquisition opportunities that provide stable, and largely predictable, cash flows, such as real estate in Germany, Austria, Switzerland and Northern Italy. The availability of inexpensive financing and the increased interest in real estate has resulted in increased property prices. The European Central Bank could return to a policy of monetary tightening, including through progressive increases in base interest rates. When interest rates increase, the value of real estate could be adversely affected, due to increases in the discount rate, and a reduction in the availability of attractive financing opportunities. Higher interest rates could also increase investors' interest in other assets, limiting their appetite for real estate. These factors could lead to a decrease in the value of SIGNA Prime's real estate assets. A change in interest rates could therefore have a material adverse effect on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.5 The continuing uncertainty regarding "Brexit", on-going trade disputes between the United States and China may exacerbate the material economic deterioration caused by the COVID-19 pandemic, which could make it more difficult for SIGNA Prime to access debt financing.

Access to debt financing is critical to SIGNA Prime's business. In addition to the COVID-19 pandemic, there are currently a number of global economic and political crises increasing the considerable uncertainty in the global economic environment, which could ultimately lead to increased economic instability, making it more difficult for SIGNA Prime to access such debt financing. In the United States, the agenda of the current administration (that has involved the implementation of significant trade restrictions between the United States and China) and whether it will continue to pursue such onerous trade restrictions and potentially implement similar trade restrictions against Europe remains uncertain. In Europe, potential future changes to monetary policy, doubts about the future of the Eurozone as well as questions about the EU and the timing and ultimate status of the United Kingdom's "Brexit" and the potential ramifications of a hard "Brexit", political uncertainty arising from the rise of populist movements throughout Europe, insufficient deleveraging in the private and public sectors, a halt in implementing structural and financial reforms and an elevated level of political uncertainty could adversely affect SIGNA Prime's operations. Such economic and political uncertainty exacerbates current market volatility, especially with regard to the growing potential of a hard "Brexit" considering that no member state of the EU has previously chosen to leave the EU and the legal, political and economic consequences are therefore untried and uncertain, may also create contagion risks for economically strong countries like Germany, Austria, Switzerland and Northern Italy and may spread to the German, Austrian, Swiss and Italian financial sectors and thus the German, Austrian, Swiss and Italian commercial real estate markets.

Any such uncertainty in German and Austrian commercial real estate markets caused by such developments, and any continued deterioration of the German and Austrian economies, may make it more difficult for SIGNA Prime to access debt financing, which could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.6 The loss of rent, reductions in rent, higher vacancy rates and shorter lease terms may have a material adverse effect on SIGNA Prime's business, net assets, financial condition, results of operations, or cash flows.

SIGNA Prime's business depends strongly on its ability to generate sufficient and reliable revenues from its lease agreements, which is influenced by several factors, including rent levels, vacancy rates and average lease terms of its properties. SIGNA Prime's ability to lease property on favorable terms is also subject to the market environment, i.e. supply and demand in the relevant real estate markets. Any decrease in demand for commercial real estate in Germany, Austria, Northern Italy or Switzerland (whether due to general economic, demographic, political, or market developments or due to conditions in particular regions or at particular properties) may result in a loss of rent, reductions in rent, higher vacancy rates or shorter lease terms, any of which could result in a substantial decline in SIGNA Prime's overall rent income.

In addition, SIGNA Prime's business depends on the solvency of current and future tenants. The economic recession in the second quarter of 2020 caused by the COVID-19 pandemic has increased the risk that tenants will become insolvent or otherwise unable to meet their obligations under their respective leases. This could force SIGNA Prime to reduce rent levels for the respective property and the rent income could be significantly lower than the one originally estimated, while SIGNA Prime's operating costs might remain largely fixed or might even increase. If tenants fail to meet their rent payment obligations in whole or in part (for instance, due to a deterioration of their financial situation, their business activities or the regions in which they operate), or if a large number of tenants, or certain key tenants, terminate their leases, and

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SIGNA Prime is unable to find suitable long-term replacements on terms favorable to it, it could suffer a substantial decrease in its overall rent income. This risk may be exacerbated in situations where it has let properties to several different entities, which belong to a wider group of companies, and if this group of companies were to become insolvent, it may have to replace several tenants at the same time. See 2.1.17 "SIGNA Prime's portfolio bears certain concentration risks. Long-term socioeconomic trends could adversely affect demand/or SIGNA Prime's properties, or negatively affect SIGNA Prime's major tenants and its most valuable properties." Even if it is able to re-let the affected properties, there is no guarantee that it will be able to do so in a timely fashion, on attractive terms or at all.

Furthermore, it is required to provide the quality, layout and characteristics of the properties as required by potential tenants, and to maintain its properties in the conditions required by its lease agreements, pursuant to applicable regulatory framework of tenancy law, as well as the provisions under certain of its existing financing or loan agreements. If the required refurbishment or maintenance measures are not performed on time, or at all, the rent that it is able to charge for the affected properties may be reduced, in some cases substantially.

The occurrence of any of these factors may have a material adverse effect on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.7 SIGNA Prime depends on a certain number of important long-term tenants, particularly in its Long-Term Portfolio, for a significant portion of its Annualized Rent Income. A loss of any of these important long-term tenants could have a material adverse effect on SIGNA Prime's business.

The KaDeWe Group (49.9% owned by SIGNA Retail1), GALERIA Karstadt Kaufhof GmbH (together with its subsidiaries "GKK") (100% owned by SIGNA Retail) and Magazine zum Globus AG (together with its subsidiaries "Globus") (50% owned by SIGNA Retail, a sister company of SIGNA Prime) are the three largest tenants in the Long-Term Portfolio. SIGNA Prime anticipates that The KaDeWe Group, GKK and Globus will continue to be important tenants, yet their share of annualized rental income will decrease over time, as a result of expanding the Long-Term Portfolio. The loss or material deterioration of its relationship with GKK, The KaDeWe Group or another major tenant in the future could lead to a significant reduction or loss in rent income, if SIGNA Prime is not able to replace them in a timely manner with alternative tenants of similar size. Furthermore, if business relations with its major tenants were to deteriorate for any reason, if its major tenants failed to meet their rental payment obligations to SIGNA Prime, if they were to reduce the amount of space they lease from SIGNA Prime, or in the event that GKK, The KaDeWe Group or Globus, for example, were to terminate its or their leasing arrangements with SIGNA Prime in the properties in which they are tenants or if SIGNA Prime is not able to acquire additional large tenants as it grows its business, SIGNA Prime may suffer a significant decline in rent income.

Any such decline or loss of rent income by major tenants, or by a large number of smaller tenants, could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.8 SIGNA Prime may not be able to grow through acquisitions. Due to the lack of attractive acquisition opportunities, prices for the types of properties and portfolios SIGNA Prime seeks could increase.

SIGNA Prime reviews new investment opportunities in commercial real estate predominantly in Germany, Austria, Switzerland and Northern Italy on a regular basis that either fit its prime property portfolio in its Long-Term Portfolio or potential properties for redevelopment in its New Investments Portfolio to provide particularly attractive long-term returns. SIGNA Prime's acquisitions mainly focus on ultra-prime inner city properties in Germany, Austria, Switzerland and Northern Italy (i.e. their largest cities) with favorable economic characteristics or properties which can be redeveloped and ultimately fit into its Long-Term Portfolio such as the Alte Akademie in Munich.

Acquisitions are normally only undertaken if the properties can ultimately fit into SIGNA Prime's Long- Term Portfolio or be slated for refurbishment, repositioning or redevelopment in its New Investments

1 SIGNA Retail combines the independent trading platforms SIGNA Premium, SIGNA Department Store Group (which includes GKK), SIGNA Home & Lifestyle, SIGNA Food & Restaurant Group and SIGNA Sports United under one umbrella.

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Portfolio, if the investment synergies for such properties with SIGNA Prime's Long-Term Portfolio or New Investments Portfolio are apparent, and if there is strong potential for stable, indexed and long-term rent income from such purchases. Given its clear focus on ultra-prime properties, a large number of the available commercial real estate properties which may be available on the market at any time do not meet SIGNA Prime's portfolio criteria. In addition, several factors beyond SIGNA Prime's control (e.g. the overall development of commercial real estate markets, building activity and planning laws) influence the availability of ultra-prime properties. A lack of attractive acquisition opportunities could drive up prices for the type of investments in commercial real estate which SIGNA Prime seeks to make. Thus, SIGNA Prime may be unable to deploy its financial means in a timely manner, or at all, and might therefore be unable to achieve a satisfactory return on its capital.

Given the current strong investor demand for commercial real estate in Germany and Austria, there is strong competition for such investment opportunities and as such these investment opportunities may be unavailable or available only on unfavorable terms (e.g. at higher prices and lower yields). Competitors with acquisition strategies similar to SIGNA Prime's may possess greater financial resources and lower costs of capital than SIGNA Prime and may therefore be able to offer higher prices.

SIGNA Prime intends to finance acquisitions at least partially through additional debt while generally aiming to maintain a maximum LTV ratio of 60% on average. The availability and terms of debt financing available to SIGNA Prime depend on a number of factors, in particular, interest rate levels and the overall state of the financial markets. Rising interest rates, continued volatility on the financial markets such as that caused by the COVID-19 pandemic or a financial market crisis could therefore limit SIGNA Prime's ability to obtain acquisition financing at acceptable terms or at all. This could limit the prices that SIGNA Prime is able to offer when acquiring additional properties or prevent such acquisitions. In order to maintain its desired LTV ratio, SIGNA Prime may also seek to raise additional equity or equity-like capital. There is no guarantee that there will be sufficient demand for new shares or equity-like instruments of SIGNA Prime and thus sufficient capital to finance contemplated acquisitions may not be available.

Any inability to acquire commercial real estate properties could impair SIGNA Prime's strategy to capture external growth opportunities by growing its ultra-prime properties and to capitalize on economies of scale, and could thus have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.9 SIGNA Prime bears risks in connections with possible acquisitions and investments. These risks include unexpected liabilities, capital expenditure requirements, greater indebtedness, higher interest expenses and challenges with respect to the integration of newly acquired businesses. Furthermore, properties that may be acquired in the future may not develop as favorably as expected.

As a part of SIGNA Prime's portfolio strategy, SIGNA Prime evaluates investment opportunities in commercial real estate to identify those that either fit its prime property portfolio in its Long-Term Portfolio or potential properties for refurbishment, repositioning or redevelopment in its New Investments Portfolio and which provide particularly attractive stable, indexed and long-term returns. In the past, SIGNA Prime has engaged in a number of significant acquisitions, including most recently the acquisition of Swiss prime retail properties in the first half of 2020 let to Globus (the "Globus Acquisition").

Direct and indirect acquisitions of commercial real estate involve considerable risk, e.g. with a view to the debt financing required for such acquisitions and the refinancing of such financings. In addition, the envisaged long-term (re)financing of key prime assets and the other (re)financings of SIGNA Prime's real estate assets in its real estate portfolio may expose SIGNA Prime to (re)financing risks. If SIGNA Prime is unable to renegotiate these loans as it currently intends, or to otherwise obtain debt financing under similarly favorable terms, it may be unable to refinance existing debt financings or to make further acquisitions, or may be able to do so only to a limited extent. In addition, in connection with future acquisitions or (re)financings, certain key performance indicators relevant for SIGNA Prime's A+ rating with Creditreform Rating AG ("Creditreform") may be negatively impacted.

SIGNA Prime may also only be able to conduct limited due diligence on the properties, entities or companies in question. Accordingly, SIGNA Prime may not be in a position to examine whether the original owners of the properties, and/or the properties themselves, have obtained all required permits for new buildings, satisfied all permit conditions, received all necessary licenses and fire, health and safety certificates, or satisfied all comparable requirements. In addition, the properties may suffer from hidden

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defects, such as contamination, and may thus require significant modernization investments. Moreover, SIGNA Prime may not be in a position to carry out all follow-up investigations, inspections and appraisals/inventories (or obtain the results of such inquiries), or determine risks related to taxes (including secondary tax liabilities). Accordingly, in the course of the acquisition of properties, specific risks may not be, or might not have been, recognized or evaluated correctly. Tax risks from the structuring of an acquisition or the evaluation of tax attributes may be assumed which, if not accepted by the tax authorities, can lead to unforeseen additional tax charges as a consequence of the acquisition. Thus, legal, tax and economic liabilities may be, or might have been, overlooked or misjudged. Although sellers in general give certain warranties in purchase agreements that SIGNA Prime enters into in connection with such property acquisitions, it is possible that these warranties do not cover all risks or that they fail to cover such risks sufficiently. Additionally, a warranty made by a seller may be unenforceable due to the seller's insolvency or for other reasons. In some cases, a seller gives no representation or warranty as to the completeness and correctness of the information that is made available in the context of a due diligence investigation, or as to whether such information remains correct during the period between the conclusion of the due diligence investigation and the closing of the relevant acquisition.

As a consequence, in particular in the case of the acquisition of large-volume property portfolios, such as the recently closed acquisition of the Globus portfolio, SIGNA Prime could overestimate earning potentials, underestimate the rental and costs risk and consequently pay purchase prices higher than a portfolio's actual value. Furthermore, the property portfolios could be inaccurately appraised by SIGNA Prime for other reasons, even if they were acquired on the basis of valuation reports and due diligence reviews. Therefore, neither a particular target return from rentals, nor, if applicable, a certain price upon resale can be guaranteed with respect to acquired property portfolios.

Accordingly, such risks can arise despite a thorough due diligence investigation and transaction structuring, and they could have material adverse effects, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.10 The acquisition of the Globus portfolio may not result in the anticipated benefits or cost savings.

The Guarantor intends to develop and hold distinct value-generating properties from the Globus portfolio with long-term rent income potential. The anticipated benefits and cost savings of these transactions may not be fully realized, in part or at all, or it may take longer to realize them, which could adversely affect SIGNA Prime's business.

The materialization of any of these risks could have material adverse effects, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

With the acquisition of the Globus portfolio Signa Prime now also generates revenues in CHF, as rents are paid in local currencies. Exchange rate fluctuations, i.e. a depreciation of CHF against EUR could have a material adverse effect on the business, net assets, financial condition, results of operations or cash flows. However, the financing attributable to these assets is denominated in CHF as well.

2.1.11 SIGNA Prime may face risks related to the development, refurbishment, repositioning, or (re)development of certain properties in its New Investments Portfolio or refurbishments to ultra-prime retail, department store, office and mixed-use properties in its Long-Term Portfolio.

SIGNA Prime focuses on purchasing value-generating properties and projects with long-term rent income potential. Such developments are typically long-term in nature and involve numerous risks, including cost overruns, which may result in projects becoming unprofitable, and changes in the economic environment, which may make it difficult or impossible fully to lease projects upon completion.

SIGNA Prime undertakes these developments at its own risk and, due to inherent uncertainties, SIGNA Prime faces the risk that the developments it undertakes may not be profitable. This may also result in SIGNA Prime failing to develop certain properties within the scheduled timeframe. Further COVID-19- related restrictions including business closures, work stoppages and reduced hours at government agencies could increase the risk that SIGNA Prime could fail to meet its development deadlines.

SIGNA Prime is dependent on third-party contractors to provide construction and other services for the realization of its development projects. Due to the competitive environment in the German, Austrian, Swiss and Italian construction sectors, particularly in Germany's and Austria's key metropolitan areas, qualified

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and reliable construction partners are in great demand. If SIGNA Prime is unable to find or hire qualified and reliable contractors for any of its development projects, the successful completion of projects in time or with the required quality is at risk. Despite the contractor selection and monitoring processes, contractors may fail to meet SIGNA Prime's standards and deadlines. If any third party fails to provide its services, labor, equipment or materials in a timely and/or adequate manner, SIGNA Prime may be required to source these services or materials at a higher price than anticipated and may face material delays at its project sites, until it is able to identify appropriate alternative third parties. In addition, third-party contractors may be adversely affected by sustained economic downturns or poor management decisions. SIGNA Prime may hire a contractor that subsequently becomes insolvent, causing cost overruns and project delays and increasing the risk that SIGNA Prime will be unable to recover costs in relation to any defective work performed by such contractor.

Furthermore, the ability to develop, refurbish, reposition and redevelop certain properties depends on agreements with the local authorities (including with respect to the acquisition of necessary plots of land) or the land-use regulation applicable to the respective property, in particular local development plans. However, local agencies and their respective political authorities might attempt to influence the nature and extent of future buildings during the permit process. In this case, SIGNA Prime may be unable to realize or fully realize the potential of this location, which would affect the rent income generated through a potential development and may therefore affect the economic viability of such developments.

Additionally, such development activities could also include the purchase and development of neighboring properties. In the case of project development, it is necessary to obtain an official permit under the local rules and regulations applicable to the relevant development project. Although there is generally an obligation for the competent authority to grant such a permit, if all applicable legal requirements are satisfied, the authorities may, on a case-by-case basis, decide to grant building permits under specific conditions or constraints or may even refuse to grant such permits at all. Furthermore, objections by neighbors may delay the granting of permits or otherwise materially adversely affect SIGNA Prime's ability to undertake project development activities. In addition, construction work related to such activities may involve higher costs than originally planned, and unforeseen additional expenses may be incurred, due to, among other things, construction delays as a result of inclement weather, property defects not identified prior to the acquisition or otherwise. Any inability to engage in and complete project development activities in a timely manner could have an adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.12 Increasing competition in the German and Austrian commercial real estate markets could lead to falling rent levels or a compression of yields.

SIGNA Prime is exposed to competition in all aspects of its real estate business (i.e. the purchase, refurbishment, repositioning or redevelopment, letting and sale of real estate). Such competition in the real estate market may cause an oversupply of real estate available for rent, especially of office properties, resulting in competition for tenants and decreasing rents, and have a material adverse effect, in particular, on SIGNA Prime's ability to find and retain suitable and solvent tenants and to achieve appropriate rents.

Competition for tenants in the German and Austrian commercial real estate market is significant. SIGNA Prime faces competition from local and international real estate companies in all of the regions where it is active. SIGNA Prime competes with other real estate companies, as well as investment funds, institutional investors, building contractors and individual owners of properties to attract and retain suitable tenants on favorable conditions. Competitors may be able to offer tenants newer and more cost-efficient buildings at attractive prices, any of which could reduce SIGNA Prime's ability to attract or retain suitable tenants (see also section "SIGNA Prime depends on a certain number of important long-term tenants, particularly in its Long-Term Portfolio, for a significant portion of its Annualized Rent Income. A loss of any of these important long-term tenants could have an adverse effect on SIGNA Prime´s business" in this Base Prospectus).

The occurrence of any one or more of the aforementioned risks could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.13 Indexation clauses in SIGNA Prime's lease agreements could adversely affect its rent income.

The majority of its lease agreements for commercial real estate properties contain indexation clauses that link the amount of rental payments to a reference index, such as the consumer price index for Germany,

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Austria, Switzerland and Northern Italy. These clauses provide for upward adjustments as well as downward adjustments tied to changes in the relevant index. Thus, rent income may decrease if consumer prices decline. If a lease agreement contains no indexation or equivalent adjustment clause, the applicable amount of rent income may remain constant for the term of the lease agreement, while the costs of maintaining the respective property may increase due to inflation. This risk is compounded by the long- term nature of many of its lease agreements. Decreases in rent income due to indexation clauses or its inability to adapt rents to changing market developments and maintenance and other costs could have a material adverse effect on its business, net assets, financial condition, results of operations or cash flows.

2.1.14 Prices of SIGNA Prime's properties may come under pressure from competing supply and other factors.

Part of SIGNA Prime's portfolio strategy is to sell non-core properties, in particular properties that do not qualify as strategic or do not have long-term rent income generating potential within SIGNA Prime's overall portfolio.

Should the supply of ultra-prime properties increase or the related demand decrease, such fluctuations could put pressure on sales prices, particularly in the local markets in which SIGNA Prime owns ultra-prime inner-city properties. If commercial real estate is considered to be less favorable economically due to such a development or, for example, changes in taxation, the legal framework or other economic conditions, demand for retail, department store and office properties among potential purchasers may decrease, and, consequently, it might only be possible to sell properties at lower prices. Lower sales prices may also require SIGNA Prime to adjust the fair value of its total real estate portfolio on its consolidated statement of financial position, and to record losses resulting from the fair value adjustments of its investment property in its consolidated statement of comprehensive income for the respective reporting period.

All of these factors may have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.15 SIGNA Prime may be exposed to losses and liabilities (including tax liabilities) in respect of its assets as a result of the acts or omissions of vendors or previous owners or occupiers or relating to the prior period of ownership.

SIGNA Prime may be subject to losses and liabilities, including tax, regulatory, environmental or compliance risks regarding acquired real estate and related operations. Actions and omissions of previous owners or possessors of the real estate, changes in legal provisions and numerous other factors may lead to such losses and liabilities. There is thus a risk that some of the properties have hidden defects that once detected are its responsibility, and SIGNA Prime may have insufficient insurance coverage for such risks. Any such development could have a material adverse effect on its business, net assets, financial condition, results of operation or cash flows.

2.1.16 SIGNA Prime depends on external service providers for the management of its properties and may be unable to retain such providers on favorable terms or at all.

SIGNA Prime depends on external service providers to manage, operate and maintain its real estate properties, as well as in connection with the assessment of transactions. If the service providers for its properties terminate the agreements with SIGNA Prime or if they are in default, SIGNA Prime may not be able to locate other qualified service providers in a timely manner, on favorable terms or at all, with the result that SIGNA Prime may no longer be able to manage, operate, and maintain its real estate properties or to assess or manage its transactions.

2.1.17 SIGNA Prime's portfolio bears certain concentration risks. Long-term socioeconomic trends could adversely affect demand/or SIGNA Prime's properties, or negatively affect SIGNA Prime's major tenants and its most valuable properties.

Although SIGNA Prime seeks to center its business model around those assets most favored by tenants and as such not on any particular asset class, SIGNA Prime nonetheless faces concentration risks due to its focus on ultra-prime properties with particularly high rent generating potential. As of June 30, 2020, SIGNA Prime's Long-Term Portfolio's gross lease area was comprised of approximately 29% high-street retail, 33% luxury/premium retail and 38% other, including offices and hotels. Demand for properties is not only affected by the overall development of commercial real estate markets but also by business developments

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and long-term socioeconomic trends affecting existing and potential tenants for these types of properties. Such developments include:

• trends towards working from home offices or using shared office or desk space not dedicated to individual employees or from tax-friendly headquarters located away from city centers where SIGNA Prime's office properties are located,

• an ongoing consolidation in the hotel industry,

• the development of city tourism and alternative models of accommodation, such as Airbnb and hotel taxes, and

• trends toward online shopping which may also apply increasingly to luxury brands in the future.

Changing requirements for real estate may result in SIGNA Prime's properties becoming obsolete unless significant capital expenditures are made to modernize such properties. As preferences continue to evolve, other socioeconomic trends may develop that decrease the useful lifespan of and demand for rental space. Lower demand for SIGNA Prime's rental space could result in vacancies or rent reductions as well as increased incentives, such as rent-free periods, due to increased bargaining power on the part of tenants, thus leading to a reduction of rent income and potentially additional capital expenditures to meet market standards for offered rental space.

Certain properties in SIGNA Prime's Long-Term Portfolio represent a particularly large portion of its holdings. Based on Valuation as of June 30, 2020, the Globus portfolio, the KaDeWe Berlin, the Globus Schweizergasse 11 asset in Zurich, the Oberpollinger in Munich and the Upper West in Berlin collectively represented approximately 52% of the value of the Long-Term Portfolio. If one of SIGNA Prime's most valuable properties were to be affected by such adverse developments, this could have a material adverse effect on SIGNA Prime's overall portfolio. See section 8.4.1 "Description of the Guarantor and the Group – Portfolio Overview – The Long-Term Portfolio" below.

As a result of such concentrations, negative developments affecting demand for office, retail and mixed- use properties, SIGNA Prime's major tenants and its most valuable properties could have a material adverse effect, in particular, on SIGNA Prime's business, financial condition, results of operations or cash flows.

2.1.18 SIGNA Prime has grown substantially since 2017, and there is no guarantee that it will be able to manage future growth successfully by expanding its corporate and management structure in line with potential future growth.

SIGNA Prime has grown rapidly since 2017. There is no guarantee that it has the capacity to adequately manage and handle its recent and future growth. Its risk management, IT, property management and other operational systems, which are, for a substantial part outsourced may be unable to handle its growth, and it may be unable to acquire the employees, operating capability and other resources that it needs to have its recent and envisioned growth.

2.1.19 SIGNA Prime has committed significant capital resources to its New Investments Portfolio and its business may suffer if such investments are not profitable.

One of the pillars of SIGNA Prime's business is its commitment to refurbish, reposition and redevelop properties which can later be included in its Long-Term Portfolio. As part of this strategy, SIGNA Prime intends to commit a significant amount of its capital to redevelop a number of inner-city developments, such as in Berlin, Vienna, Hamburg and Munich. Key projects include the Ku'Damm (Berlin), the Hermannplatz (Berlin), the Alte Akademie and Bahnhofsplatz (Munich).

In the event that such investments do not yield the expected results in light of the significant capital commitment to these investments, such investments would have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.20 SIGNA Prime's majority shareholder may exercise significant influence over key decisions of SIGNA Prime.

SIGNA Prime is part of SIGNA Group, a privately managed, European investment and industrial group under the umbrella of SIGNA Holding GmbH ("SIGNA Holding"), with SIGNA Holding directly and

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indirectly holding 52.3% of the shares. As of result of this position, SIGNA Group can exercise control over a number of corporate measures. In the event that the SIGNA Group were to make decisions which were in its own interest, but not in the interests of SIGNA Prime, this could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.21 Possible terrorist activity or other acts of violence or general catastrophes could adversely affect its financial condition and results of operations.

Terrorist attacks or other acts of violence or general catastrophes (including pandemics) may result in declining economic activity, which could harm the demand for goods and services offered by its tenants, which may impact the value of its properties. Such a resulting decrease in retail demand could make it difficult for it to renew or release its properties at lease rates equal to, or above, historic rates. Terrorist activities or violence or general catastrophes could directly affect the value of its properties through damage, destruction or loss. Also, the availability of insurance for such acts or generally, might be lower or cost more, which could increase its operating expenses, with adverse effects on its financial condition and results of operations. To the extent that its tenants are affected by future attacks or general catastrophes, their businesses could similarly be adversely affect, including in terms of their ability to continue to meet obligations under existing leases. These terrorist acts or general catastrophes might, as the COVID-19 pandemic has done, erode businesses and consumer confidence and spending. These terrorist acts or general catastrophes might also, like the COVID-19 pandemic, result in increased volatility in national and international financial markets and economies. Any one of these events might decrease demand for real estate, decrease or delay the occupancy of its new or redeveloped properties and limit its access to capital or increase its cost of raising capital.

2.1.22 The members of the Management Board of SIGNA Prime hold similar positions in other SIGNA Group companies, which could lead to conflicts of interests between the different SIGNA companies.

The members of the management board of SIGNA Prime hold a number of similar positions at other SIGNA Group entities, which could lead to conflicts of interest. There is a risk that the members of the Management Board may pursue the interest of other SIGNA Group entities which may run against the interests of SIGNA Prime, which could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations and cash flows.

2.1.23 Valuation Reports, including certain information included in this Base Prospectus is derived from valuation reports, may incorrectly assess the value of SIGNA Prime's properties, and SIGNA Prime may be required to adjust the current fair value of its investment properties, which could result in a recognition of losses.

Certain financial information on SIGNA Prime's properties, such as the valuation, have been taken or derived from valuation reports for SIGNA Prime's real estate portfolio which were prepared by independent, external appraisers ("Valuation Reports"). The respective Valuation Reports are based on standard valuation principles and represent the opinion of the respective appraisers who prepared the Valuation Reports. The Valuation Reports are based on various assumptions that could subsequently turn out to be incorrect. In addition, the valuation of real estate is based on a multitude of factors, such as the current contractual letting status, the physical condition of the portfolio, the general market environment, interest rates, the creditworthiness of tenants, conditions in the rental market and the development of individual locations. The valuation of properties contained in the various Valuation Reports is therefore subject to numerous uncertainties. Accordingly, the various Valuation Reports may not accurately reflect the value of the property to which they relate and do not necessarily represent current or future sales prices that SIGNA Prime would be able to realize on the sale of its properties or participations.

2.1.24 SIGNA Prime may incur substantial unexpected maintenance, repair and modernization costs and failure to undertake appropriate maintenance measures could adversely affect its rent income.

While SIGNA Prime believes that there are currently no substantial capital expenditure backlogs (i.e. refurbishment, repositioning or redevelopment required to maintain the operability and attractiveness of the respective property) in the Long-Term Portfolio of SIGNA Prime, it aims to continue to invest in SIGNA Prime's properties, particularly ultra-prime inner-city retail and office properties, to ensure that its properties meet technical requirements and market demand, in particular with a secured pipeline of future

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inner-city properties in Berlin, Hamburg and Munich. Maintenance and modernization measures may also be required to meet changing legal, environmental or market requirements (e.g. with regard to health and safety requirements and fire protection). Failure to maintain the properties could pose a risk to the health and safety of SIGNA Prime's tenants, as well as their employees and customers. Typically, the costs associated with keeping properties up to market standard are borne primarily by the property owner and thus SIGNA Prime may incur substantial expenses. SIGNA Prime could incur additional expenses if the actual costs of maintaining or modernizing its properties exceed SIGNA Prime's estimates, if it is not permitted to raise rents in connection with maintenance and modernization measures, or if hidden defects not covered by insurance or contractual warranties are discovered during the maintenance or modernization process or additional spending is required. Any failure to undertake appropriate maintenance and modernization measures could adversely affect SIGNA Prime's rent income and entitle tenants to withhold or reduce rental payments or even to terminate existing lease agreements.

If SIGNA Prime incurs substantial unplanned maintenance, repair and modernization costs or fails to undertake appropriate maintenance measures, this could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.25 SIGNA Prime is dependent on the expertise, commitment and performance of a number of key members of its management and qualified employees as well as members of the supervisory board and other advisers.

SIGNA Prime's success greatly depends on the performance of the members of SIGNA Prime's management board and other qualified employees in key positions, particularly those with substantial sector expertise who are responsible for the management of SIGNA Prime's portfolio and corporate functions.

René Benko, the founder of SIGNA Group, is advising SIGNA Prime personally on strategic questions and deal sourcing. A consulting contract with SIGNA Prime was established for this purpose.

The loss of any of the members of the management board or the supervisory board or any other key employees, or the change of the members of SIGNA Prime's supervisory board, could have a material adverse effect, in particular, on SIGNA Prime's own reputation, business, net assets, financial condition, results of operations or cash flows. Potential investors should be aware that this may also adversely affect the market price of the Notes.

Furthermore, SIGNA Prime may need to hire additional qualified employees, if its future growth exceeds its current platform, or if SIGNA Prime is forced to replace qualified employees. Due to the intense competition for qualified personnel in the commercial real estate sector, there is no guarantee that SIGNA Prime will be able to hire sufficiently qualified key employees at acceptable terms in the future.

2.1.26 SIGNA Prime could incur substantial losses from damages not covered by, or exceeding the coverage limits of, its insurance policies.

Insurance policies taken out by SIGNA Prime, including insurance policies against fire, natural disasters, operational interruptions and third-party liability, are subject to exclusions and limitations of liability both in amount and with respect to the insured events. There can be no assurance that SIGNA Prime's assessment that it is sufficiently insured against contingencies is accurate. Floods, fires, storms and similar natural disasters, as well as acts of terrorism or other (force majeure) events may cause damage to a property in excess of insurance coverage and may thus lead to significant costs that must be borne by SIGNA Prime in connection with remediation and repair work. In addition, significant costs could ensue if tenants terminate their lease agreements or withhold part or all of the agreed rent payments as a consequence of any of the foregoing events. Even in cases where SIGNA Prime has obtained sufficient insurance coverage, its insurance providers could become insolvent, forcing SIGNA Prime to bear any costs itself.

If SIGNA Prime incurs costs against which it is uninsured or insufficiently insured, this could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

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2.1.27 Damage or interruptions to SIGNA Prime's information technology systems could lead to diminished data security and limit its business operations. Cyber security risks and cyber incidents could adversely affect its business and disrupt operations.

Interruptions in, failures of or damage to SIGNA Prime's information technology systems, or those of its business partners to whom SIGNA Prime have outsourced certain property management services, including from cyber-attacks or other cyber incidents, could lead to business process delays or interruptions. If its information technology systems or those of its business partners were to fail and back-ups were not available, SIGNA Prime would have to recreate existing databases, which would be time-consuming and expensive. SIGNA Prime may also have to expend additional funds and resources to protect against or to remedy potential or existing security breaches and related consequences.

Any malfunction or impairment of its or business partners' information technology systems could interrupt its operations, including monitoring, controlling and reporting operations, which may result in increased costs and, potentially, lost revenue. SIGNA Prime cannot guarantee that anticipated and/or recognized malfunctions can be avoided or remedied by appropriate preventative, maintenance or security measures in every case. Damage, malfunction or interruptions in its information technology systems may have a material adverse effect on its business, net assets, financial condition, results of operations or cash flows.

Failure to maintain the integrity and security of internal or tenant data, including due to cyber security breaches, could result in faulty business decisions, harm to its reputation and subject SIGNA Prime to costs, fines and lawsuits.

SIGNA Prime collects and retains large volumes of internal and tenant data, including bank account details and other personally identifiable information during the normal course of business. Using its various information technology systems, SIGNA Prime enters, processes, summarizes and reports such data. SIGNA Prime also collects and retains information about its tenants, including their names, telephone numbers, e-mail addresses, nationality and country of residence. SIGNA Prime also maintains personally identifiable information about its employees.

The integrity and protection of its tenant, employee and company data is critical to its business. Its tenants and employees expect that SIGNA Prime will adequately protect their personal information, and the regulations applicable to security and privacy is increasingly demanding.

Theft, loss, fraudulent or unlawful use of tenant, employee or company data could harm its reputation and result in remedial and other costs, fines and lawsuits, which may be material. In particular, cyber security breaches and other disruptions could compromise its information and expose SIGNA Prime to liability, which would cause its business and reputation to suffer. Despite its security measures, its information technology and infrastructure may be attacked by hackers or breached due to employee error, malfeasance or other disruptions. Any such breach could compromise its networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings and regulatory penalties, could disrupt its operations and could damage its reputation, which could adversely affect its business, net assets, financial condition, results of operations or cash flows.

Additionally, SIGNA Prime relies on a variety of direct marketing techniques, including e-mail marketing, online advertising and postal mailings. Restrictions regarding marketing and solicitation or international data protection laws that govern these activities could adversely affect the continuing effectiveness of its marketing strategy.

2.1.28 SIGNA Prime's intra-group cash flows depend on the profitability of its subsidiaries and it may not be able to implement significant changes with regards to its subsidiaries.

The Guarantor is primarily a holding company for subsidiaries that hold individual properties. In the future, the Guarantor may incorporate or acquire additional subsidiaries to function as asset-holding companies for certain real estate properties with the aim of creating a more advantageous tax structure of SIGNA Prime. However, there is no certainty that these changes to the group structure will be carried out or that they will be successful or actually yield the intended advantages.

In order to cover its operating costs and to make distributions, the Guarantor relies on distributions it receives from its subsidiaries and other equity investments or, as the case may be, repayments of loans

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(potentially also by way of cash pooling arrangements) granted to its subsidiaries. Any distributions by the subsidiaries depend, in turn, on the subsidiaries' operating results and their ability to make those distributions under applicable law. Such transfers of funds (also by way of cash pooling arrangements) could become restricted by laws or otherwise, and future funds may not be sufficient to satisfy all of SIGNA Prime's payment obligations.

In addition, the Guarantor currently does not own all of the shares in some of its subsidiaries and may in the future acquire interests in entities with majority shareholders, participate in joint ventures or sell minority interests in its existing or future subsidiaries. Minority shareholders in such entities may be protected by German or Austrian laws, or the laws of their respective jurisdiction, including provisions requiring unanimous consent to structural changes. Thus, the management of subsidiaries with minority shareholders may prove to be difficult for SIGNA Prime.

The materialization of one or more of these risks could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.29 SIGNA Prime may be required to adjust the current values of its investment property or record lower results from the re-measurement of investment property and therefore recognize significant losses.

SIGNA Prime accounts for the vast majority of its long-term investment property (i.e. properties that are held for the purpose of earning rent income, for capital appreciation or both) at fair value in accordance with International Accounting Standards ("IAS") 40 (Investment Property) in conjunction with IFRS 13 (Fair Value Measurement). The fair value of a property held to generate rent income or for capital appreciation or both is predominantly measured with the discounted cash flow method ("DCF Method"). According to the DCF Method, the fair value of a property is the sum of the discounted cash flows for a planning period (e.g. 10 years), plus the residual value of the property at the end of the planning period discounted to the valuation date. The applied discount rate for the ten-year planning period reflects the current market assessment, location, condition and letting situation of the property, the yield expectations of a potential investor and the level of uncertainty and inherent risk of the forecast future cash flows, while the applicable exit capitalization rate is derived from the applied discount rate and is based on the individual property location, type, size and quality, taking into account the market information available on the reporting date. Properties generating no sustainable operating cash flows are valued using their liquidation value. SIGNA Prime recognizes any changes in the fair value of such investment property under result from the remeasurement of investment property in the consolidated statement of comprehensive income. If SIGNA Prime's cash flows from investment property decrease or discount rates used in the DCF Method valuation rise (e.g. due to increased interest rates), SIGNA Prime would have to revise the value of its portfolio in the consolidated statement of financial position downwards.

With respect to properties classified as investment property, SIGNA Prime applies the following accounting treatment in case of a sale: Upon the notarization of the sale and purchase agreement, the property is generally reclassified as a non-current asset held for sale. In that case, the difference between the previous carrying amount of the property and the sales price, if any, is added to the carrying amount of the property and recognized under result from the disposal of investment property. Thus, if the purchase price exceeds the carrying amount, SIGNA Prime is able to record a gain in the excess amount. However, if a sale fails to close or if the purchase price is reduced between signing and closing of the transaction (e.g. due to an agreed purchase price adjustment mechanism or SIGNA Prime's failure to fulfil representations and warranties included in the purchase agreement), SIGNA Prime may be forced to record a loss in the subsequent reporting periods during which the transaction closes.

Any deterioration of the fair value of SIGNA Prime's investment property or any failure to close disposals at the agreed purchase price or at all could force SIGNA Prime to recognize a loss and could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.1.30 A loss of reputation or harm to its brand names, or insufficient levels of client satisfaction may reduce the demand for its properties and make it more difficult for SIGNA Prime to raise capital or debt on attractive terms.

If SIGNA Prime is unable to maintain its reputation, brand name and high levels of client service, client satisfaction and the demand for its properties may decline. In particular, damage to the reputation of its

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brand names may make it more difficult for it to rent its properties on favorable terms, or at all, or to attract or retain tenants. The misuse, misrepresentation or abuse of its reputation or brand names may occur due to the result of actions by third parties without its consent or awareness and may occur even if the alleged events or actions are false, misleading or did not occur. If key tenants, especially tenants which are active in business with consumers, or certain brands which its tenants use as part of their business operations, faced reputational challenges, SIGNA Prime may become indirectly impacted by such reputational challenges.

Any loss of reputation or harm to brand names may restrict its ability to attract or retain clients and business partners and may limit its ability to source new business opportunities or acquire new property on favorable terms or at all. Moreover, it may make it more difficult, expensive or impossible for SIGNA Prime to raise capital, issue debt or gain access to financing from banks or the capital markets. The occurrence of any of these risks may result in a material decline in the trading prices of its debt and may have a material adverse effect on its business, net assets, financial condition, results of operations or cash flows.

2.2 Risk Factors Relating to Financing

2.2.1 SIGNA Prime's ability to repay existing and future debt could be limited and SIGNA Prime may be unable to obtain new sources of financing on attractive terms, or at all.

SIGNA Prime uses debt financing to fund its existing portfolio, ongoing operations and future acquisitions and therefore depends on the availability of such financing. General conditions for real estate financing are subject to constant change and the attractiveness of different financing options depends on a variety of factors beyond SIGNA Prime's control (e.g. the overall monetary policy, interest rates, general tax conditions and the value of commercial real estate to be used as collateral). In the past, financial difficulties in the capital markets in general and the EU in particular have adversely impacted the availability of debt financing. Furthermore, regulatory changes could restrict the lending activities of banks.

SIGNA Prime's current and non-current liabilities due to financial institutions amounted to EUR 5,731.3 million and corporate bonds amounted to EUR 716.5 million, as of June 30, 2020, respectively, and each measured in accordance with IFRS, resulting in an LTV of 46%. SIGNA Prime's ability to repay existing debt could be limited if it were unable to obtain new debt financing or extend existing credit facilities or issue new debt capital instruments to the extent necessary or when required. SIGNA Prime's level of debt could lead banks and other financiers not to make new loans available to SIGNA Prime, or to only make them available on less favorable terms, or to refuse to extend existing credit lines, or to grant an extension of existing credit lines only on less favorable terms (e.g. demanding additional collateral, increasing interest rates). Rising interest rates could increase SIGNA Prime's financing costs and prevent it from achieving an adequate spread between cash flows from rent income and disposals on the one hand and interest payments on the other hand, or any cash inflow at all. While SIGNA Prime may try to substitute debt financing through equity financing, SIGNA Prime may be unable to raise capital at attractive terms, or at all.

SIGNA Prime's acquisition of additional properties and portfolios may be financed by taking on additional debt or by issuing and offering new shares or equity-linked instruments, or a combination thereof. If SIGNA Prime is unable to obtain the necessary financing on reasonable terms, it may be unable to make acquisitions, or may only be able to do so to a limited extent. This could adversely affect its future business development and competitiveness. Even if debt financing is available, any additional debt could have a significant negative impact on SIGNA Prime's key performance indicators and could result in higher interest expenses.

As of the date of the Base Prospectus, SIGNA Prime is rated with an A+ corporate rating from Creditreform. This rating depends, inter alia, on the development of SIGNA Prime's performance and certain key credit ratios. In addition, macro-economic developments such as the development of the German and Austrian economies and changes in interest rate levels may have an impact on SIGNA Prime's performance and, accordingly, on its rating. Creditreform reviews the factors that influence SIGNA Prime's rating on a regular basis. SIGNA Prime cannot rule out that its ratings may be downgraded in the future. Any downgrade or negative outlook could negatively impact SIGNA Prime's reputation, the price of its shares and debt instruments and may prevent SIGNA Prime from raising funds at attractive terms or at all.

SIGNA Prime is currently not rated by Standard & Poor's, Moody's, or Fitch Group, which may limit the firm's possibilities for refinancing corporate debt in the future.

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Subject to future market conditions, SIGNA Prime may decide to take further measures to optimize its financing structure, including by potentially drawing on the debt capital markets through the issuance of additional bonds. However, there is no guarantee that SIGNA Prime will be able to place such bonds at acceptable terms or at all.

SIGNA Prime has either entered into fixed-rate financing agreements or hedged the majority of floating interest rates against interest rate changes. The hedging ratio across the Long-Term Portfolio as of June 30, 2020 is 77%. Floating interest rate agreements are entered for short-term loans only and include the CHF 700 million acquisition facility for the Globus portfolio, which is aimed to be refinanced in the short term.

SIGNA Prime plans to continue to hedge against (not necessarily all) interest rate exposure in the future in case financial indebtedness with variable rates is incurred. When extending existing debt or taking on new debt, SIGNA Prime may, however, be unable to enter into hedging instruments or may only be able to do so at significant costs when trying to limit its exposure to such developments.

The materialization of one or more of these risks could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.2.2 SIGNA Prime requires a significant amount of cash to service its debt, and its ability to generate sufficient cash depends on factors that may be beyond its control.

SIGNA Prime's ability to service and refinance its debt and to fund future operations and capital expenditures is highly dependent on its future operating performance and its ability to generate sufficient cash flow. To a significant degree, its future operating performance and ability to generate cash flows is, in turn, dependent on various general economic, financial, competitive, market, legislative, regulatory and other factors which are outside its control. Due to any of these factors, SIGNA Prime may be unable to generate sufficient cash flows from its operating activities, anticipated revenues growth, cost saving or operational efficiency improvements, and any future debt or equity financing may not be available to SIGNA Prime in amounts which would enable SIGNA Prime to pay the principal premium and interest of its indebtedness, including the Notes.

To the extent its cash flow from operating activities is insufficient to meet its liquidity needs and service its debt, SIGNA Prime would have to seek additional debt or equity financing. In addition, its subsidiaries may be restricted from paying dividends or making other distributions to us. If its future cash flows from operating activities and other capital resources are insufficient to pay its various obligations as they mature or to fund its ongoing liquidity needs, SIGNA Prime and its subsidiaries may be forced, among other things, to reduce or delay business activities and capital expenditures, sell assets, or forego opportunities such as acquisitions of other businesses. There can be no assurance that any of these alternatives can be accomplished on a timely basis or on satisfactory terms, if at all. Further, SIGNA Prime may be compelled to restructure or refinance all or a portion of its debt, including the Notes, on or before their maturity. SIGNA Prime may face the additional risk that in order to refinance its debt, SIGNA Prime could be required to agree to more onerous covenants, which would further restrict its business.

2.2.3 If SIGNA Prime breaches covenants under its current or future financing, it could be forced to sell properties at economically unattractive conditions and its creditors or security agents could seize or realize significant collateral, which could ultimately lead to an insolvency of SIGNA Prime.

SIGNA Prime's financing agreements and debt instruments require SIGNA Prime to comply with certain general and financial covenants such as a maximum LTV ratio, minimum interest or debt-service cover ratios, as well as equity ratios. Failure to comply with such covenants could have severe consequences, including:

• creditors may have the right to terminate the loan agreement, and outstanding loan amounts could be declared immediately due and payable;

• other creditors could also be entitled to terminate their loan agreements with SIGNA Prime as a result of cross-default provisions;

• creditors may be entitled to extraordinary prepayments or higher interest rates; and

• creditors may have the right to request the granting of additional security interest.

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To secure the repayment of its loans, SIGNA Prime has granted land charges over its properties and has assigned as security rent income, potential insurance claims and other related claims. It has also pledged to its creditors rent income and other accounts, as well as shares in property holding subsidiaries. If SIGNA Prime is unable to perform obligations under its financing agreements, its creditors could seize and realize this collateral without further negotiations. This could result in a loss of part or all of SIGNA Prime's real estate or a forced sale of properties on economically unfavorable terms. If the proceeds from such forced sales are insufficient for the repayment of SIGNA Prime's liabilities, this could ultimately lead to an insolvency of SIGNA Prime or other entities of SIGNA Prime.

Any breach of covenants under SIGNA Prime's existing or future financing could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.2.4 If SIGNA Prime is unable to comply with the financial and restrictive covenants included in certain of its existing or any future financing agreements, there could be a default under such agreements, which could result in an acceleration of repayment.

Certain of its existing financing arrangements contain, and any future financing agreements SIGNA Prime enters into may contain, certain financial and restrictive covenants. Its ability to comply with these covenants, including meeting incurrence- or maintenance-based financial ratios and tests, depends on a number of factors, some of which may be beyond its control, such as a deterioration of the industry and markets in which SIGNA Prime operate or a deviation from the assumptions contained in its business plan. As a result, SIGNA Prime may be unable to comply with its financial and restrictive covenants, and any failure may materially adversely affect its margins and results of operations and financial condition.

The breach of a financial or other covenant or its failure to meet any of its obligations under any of the agreements governing its debt may result in a default under such agreements, which in turn could result in a number of adverse consequences including, prohibiting SIGNA Prime from drawing additional funds under credit facilities, significant increases in interest rates and other financing costs, the acceleration of all outstanding amounts under such agreements requiring SIGNA Prime to immediately repay the related debt in whole or in part, and/or the commencement of foreclosure or other enforcement actions against any of its assets securing such debt. In addition, any default may expose SIGNA Prime to requests by its suppliers for advance payments for deliveries and a reduction or cancellation by credit insurers of their commitments. Defaults may also trigger cross-default and/or cross-acceleration clauses contained in its other debt agreements, including the Notes, and its liquid funds and short-term cash flow may be insufficient to service any of the debts in the circumstances described above. Accordingly, any failure by SIGNA Prime to service its debts may have a materially adverse effect on its ability to satisfy its obligations, including under the Notes.

2.2.5 In the event of an unscheduled sale of properties, SIGNA Prime is subject to cost risks associated with the premature termination of loan agreements or the unscheduled extension of loans.

If any of SIGNA Prime's existing or future properties were to be sold early and the proportionate loan amount would be repaid prior to its contractual maturity date, SIGNA Prime could be subject to an early repayment penalty or other breakage costs for such loans or be obligated to provide replacement collateral. In case of interest rate changes, a particular risk arises if, following expiry of the financing period, the sale of the relevant property does not progress as planned and the interest rates have to be adjusted for the unscheduled level of financing.

Any risks associated with the premature termination of a loan agreement or the unscheduled extension of a loan could have a material adverse effect on its business, net assets, financial condition, results of operations or cash flows.

2.2.6 SIGNA Prime's debt service obligations may make it difficult to operate its business.

SIGNA Prime currently has and expects to continue to have a substantial amount of outstanding debt. As of June 30, 2020, its total financing liabilities amounted to EUR 6,447.8 million, consisting of current and non-current liabilities due to financial institutions of EUR 5,731.3 million and corporate bonds of EUR 716.5 million. A high level of financial debt may, among others, require SIGNA Prime to dedicate a substantial part of its cash flow to paying off debts (thereby reducing the free cash flow available to fund internal growth through capital expenditure and to pursue business opportunities), restrict its ability to

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borrow additional funds or raise equity at reasonably economic terms, if at all, and, ultimately, will make it more susceptible to a downturn in the real estate industry and/or general economic conditions.

2.2.7 The derivative instruments SIGNA Prime employs for hedging purposes involve risks and may not be successful.

From time to time, SIGNA Prime enters into financial transactions to completely or partly hedge risks resulting, for example, from fluctuating interest rates applicable to certain of its outstanding debt instruments. When SIGNA Prime uses hedging instruments, SIGNA Prime is subject to credit risks as the counterparties to its hedging transactions may default on an obligation. In addition, SIGNA Prime potentially foregoes the benefits of otherwise positive variable interest and currency exchange rate movements or may incur substantial costs in case of an early termination of these hedging instruments. In addition, there can be no certainty that SIGNA Prime will be able to enter into hedging arrangements on commercially reasonable terms, or that its overall hedging strategy will be successful in the future. Moreover, like any other financial instrument that is subject to market risks, the derivatives SIGNA Prime uses for its hedging activities bear the risk of incremental value loss due to a variety of factors beyond its control. Any of these factors may have a material adverse effect on its business, net assets, financial condition, results of operations or cash flows.

2.2.8 Certain of SIGNA Prime's financing instruments provide for a mandatory prepayment in case of the disposal of certain key properties which restricts the Guarantor's ability to use the proceeds of such disposals to meet its obligations under the Guarantee.

Certain of SIGNA Prime's financing instruments provide for a mandatory prepayment in case of the disposal of certain key properties of the Guarantor or any of its subsidiaries. The Guarantor is obliged to not dispose of any such key properties (or any part thereof) unless the purchase price equals at least the sum of (i) the amount required to satisfy all unsubordinated creditors of the seller of the relevant property, and (ii) an amount to be applied in prepayment of the relevant financial instrument with respect to the relevant disposal pursuant to, and stipulated by, the terms and conditions governing the relevant instrument (the "Allocated Amounts"). While SIGNA Prime believes that the market values of such key properties exceed such Allocated Amounts and the senior secured loans incurred in respect of the relevant properties, it cannot be excluded that these provisions may restrict the Guarantor's ability to use the proceeds of such disposals to meet its obligations under the Guarantee.

2.3 Risk Factors Relating to Regulatory, Legal and Tax

2.3.1 SIGNA Prime may be adversely affected by changes in the general regulatory environment in Germany, Austria, Switzerland and Northern Italy.

SIGNA Prime's business is subject to the general regulatory framework that applies to commercial real estate properties and lease agreements for such properties as well as special provisions of other laws (e.g. construction and construction planning laws, the building code, environmental laws and safety regulations, including fire protection). If German or Austrian federal or state laws or the interpretation or application thereof changes, SIGNA Prime might be forced to significantly change the way it conducts its business which, as a result, might affect the value of its real estate portfolio. SIGNA Prime could incur additional expenses in trying to comply with more restrictive laws. Furthermore, European, German and Austrian legislators or regulators could subject SIGNA Prime's business to additional regulatory obligations and restrictions.

Any changes to the general regulatory environment could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.3.2 SIGNA Prime may incur costs in connection with residual pollution including wartime ordnance, soil contaminations and hazardous materials.

Some of SIGNA Prime's properties do, and some of the properties SIGNA Prime acquires may, contain soil contaminations, hazardous materials (including, e.g. asbestos), other residual pollution or wartime ordnance, and SIGNA Prime may incur liability for the remediation of the properties in its portfolio. Any remediation or removal of any pollution and related measures may involve considerable additional costs that may not be covered by declarations of indemnification. SIGNA Prime could also be responsible for the remediation of properties that SIGNA Prime sold in the past. Even if SIGNA Prime itself is not responsible

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for existing contamination or pollution of the soil or buildings, it might be legally, or even practically difficult, or impossible to force the responsible parties to remedy or remove the damage or take recourse against such parties. Even if SIGNA Prime performs its customary due diligence with regard to soil contamination prior to acquiring new real estate, this due diligence may not identify all environmental issues such that SIGNA Prime may remain liable.

The existence, or even suspected existence of hazardous materials, or other residual pollution may negatively affect SIGNA Prime's ability to lease or sell such properties. In the course of decontamination procedures, tenants of the affected building may withhold part or all of their rent, may view such contamination as cause to exercise extraordinary termination rights, or assert damage claims due to an interruption of their business. Additionally, tenants' employees may claim damages due to personal injury caused by the contamination.

The materialization of one or more of these risks could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.3.3 SIGNA Prime may be exposed to risks resulting from legal restrictions with respect to required or desired refurbishments.

Several of SIGNA Prime's properties are registered as monuments of architectural, archaeological or historic interest or are considered eligible for listing. These properties are or may become subject to obligations, restrictions or consent requirements under German law respecting monument protection. Furthermore, architects may hold a copyright on building designs, meaning that alterations to a building require their consent. An intended refurbishment might be permissible only with the consent of the architect of the building (or its legal successor) and/or the relevant authority for protection of monuments, whose consents might not be granted, and SIGNA Prime may be required to maintain the monument status and incur increased costs. In addition, numerous laws and regulations, including building and environmental laws and regulations, restrict the rights of an owner to alter or refurbish real estate property at the owner's discretion. As a result of such restrictions, it might not be able to implement required or desire refurbishments at all or in the manner planned, or the related costs could be higher than originally intended. This could have material adverse effects on its business, net assets, financial condition, results of operations or cash flows.

2.3.4 SIGNA Prime's business is exposed to risks from possible violations of building codes and other such regulations in Germany, Austria, Switzerland and Northern Italy.

SIGNA Prime is exposed to the risk of non-compliance with building codes and other regulations regarding the construction of buildings that may have occurred when the respective building was erected or at a later stage, in the course of modernization or refurbishments of properties. Such codes and regulations tend to become stricter over time. As a result, in addition to the risk that properties did not comply with such regulations at the time of acquisition, the building owner's responsibilities could also be further expanded with respect to fire, health and safety protection and environmental protection, among other factors, which could require additional refurbishment, maintenance and modernization measures which, in particular cases, must be borne by the landlord. Furthermore, the projected costs of such measures are based on the assumption that the permits required for modernization measures are issued promptly and consistently with its schedules. However, it is possible that the required building permits are not issued promptly or are issued only subject to conditions, which may lead to substantial delays in the completion of such modernization measures and result in higher-than-projected costs and lower rent income for the relevant properties. In addition, tenants may have the right to prematurely terminate their respective lease agreements.

The occurrence of any of these risks may have a material adverse effect on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

2.3.5 SIGNA Prime's compliance structure may not have been, and may not be, sufficient to adequately protect SIGNA Prime from all legal or financial risks.

SIGNA Prime appointed a chief compliance officer in order to protect SIGNA Prime against legal risks and other potential harm. The chief compliance officer is responsible for ensuring compliance within the framework of compliance regulations under applicable laws. These include corruption prevention, insider information, conflicts of interest, information and data protection, protection of company property and apply to all employees, the members of the management board and the supervisory board.

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While SIGNA Prime believes that the aforementioned compliance policies will offer a degree of protection, they may not be sufficient to completely rule out all unauthorized practices, legal infringements, criminal offenses or corruption by employees of SIGNA Prime. In case of a breach of law or other unauthorized practices, in particular, SIGNA Prime's brand, image or reputation may suffer.

Any compliance violation could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations, cash flows or reputation.

2.3.6 SIGNA Prime may be exposed to losses and liabilities (including tax liabilities) in respect of its assets as a result of the acts or omissions of vendors or previous owners or occupiers or relating to the prior period of ownership.

SIGNA Prime may be subject to losses and liabilities, including tax, regulatory, environmental or compliance risks regarding acquired real estate and related operations. Actions and omissions of previous owners or possessors of the real estate, changes in legal provisions and numerous other factors may lead to such losses and liabilities. There is thus a risk that some of the properties have hidden defects that once detected are its responsibility, and for that risk SIGNA Prime may have insufficient insurance coverage. Any such development could have a material adverse effect on its business, net assets, financial condition, results of operation or cash flows.

2.3.7 SIGNA Prime is exposed to risks from potential future legal disputes.

SIGNA Prime may become the subject of legal disputes, administrative proceedings and government investigations. Such legal disputes, proceedings and investigations may, in particular, arise from its relationships with investors, tenants, employees, third-party facility managers, building contractors and other contractual counterparties, neighbors and public authorities alleging breaches of contract, tort or failure to comply with applicable laws and regulations. SIGNA Prime may be required to pay damages or fines and to take, or to refrain from taking, certain actions. There may also be investigations by governmental authorities into circumstances of which SIGNA Prime is currently not aware of or which will arise in the future, including possible regulatory and environmental laws, licensing requirements or criminal proceedings.

If SIGNA Prime were to be found liable under any such claims or even if complaints, law suits or investigations brought against SIGNA Prime are unsuccessful, they could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations, cash flows or reputation.

2.3.8 SIGNA Prime could be subject to liability claims in connection with sold properties.

In recent years, SIGNA Prime has sold a significant number of non-core properties such as sales of non- strategic Karstadt department stores to a joint venture partner, the sale of a Karstadt property in Dusseldorf, the sale of non-strategic Kaufhof department stores and sales of various properties in the Austria Campus in Vienna. SIGNA Prime plans to continue to sell non-core properties from its portfolio, in particular such non-core properties from its recent acquisition of the Kaufhof Portfolio. In connection with such property sales, the seller is usually required to give representations, warranties and negative declarations of knowledge to the purchaser with respect to characteristics of the sold property. The potential liability resulting therefrom usually continues to exist for a period of several years after the sale. SIGNA Prime could be subject to claims for damages from purchasers, who could assert that the seller has failed to meet its obligations, or that its representations were incorrect. Furthermore, SIGNA Prime could become involved in legal disputes or litigation over such claims. If SIGNA Prime, as the seller, has provided warranties to a purchaser of properties in connection with maintenance and modernization measures, and claims are asserted against SIGNA Prime because of defects, SIGNA Prime may be unable to take recourse against the companies that performed the work in question.

Liabilities for properties that SIGNA Prime has sold in the past or may sell in the future could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

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2.3.9 SIGNA Prime may be subject to restitution or compensation claims if its properties have been unlawfully expropriated, and this could delay or prevent the transfer of its properties in case of a sale.

SIGNA Prime has been and may in the future be subject to third-party claims in connection with restitution and compensation claims. Under German law, former owners of assets that were dispossessed either by the national socialist government between January 30, 1933 and May 8, 1945 or by the former German Democratic Republic (Deutsche Demokratische Republik) can demand the restitution of such assets. SIGNA Prime has obtained contractual indemnity claims against the Federal Institute for Special Tasks Arising from Unification (Bundesanstalt für vereinigungsbedingte Sonderaufgaben), if restitution or compensation is successfully claimed because of unlawful expropriation during certain historical periods.

Furthermore, when disposing of properties, SIGNA Prime has to comply with the German Real Estate Transfer Ordinance (Grundstücksverkehrsordnung), pursuant to which SIGNA Prime generally needs to obtain approval from the competent authorities prior to disposing of any properties it has not purchased itself unless certain exemptions apply. If any restitution claims have been filed for a property that SIGNA Prime intends to sell, such approval will not be granted before the claim has been settled. Therefore, restitution claims may adversely impact SIGNA Prime's ability to dispose of properties, in particular those that fall into SIGNA Prime's so-called non-core asset class.

An inability to transfer properties due to restitution claims could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or reputation or cash flows.

2.3.10 Certain clauses in SIGNA Prime's lease agreements may be held to be invalid, and some of these agreements may not meet the strict written form requirements under German, Austrian or Swiss law.

SIGNA Prime uses standardized contracts in the ordinary course of business in its contractual relationships with a large number of parties, in particular with its tenants. Any invalid provisions or ambiguities in standardized contracts can therefore affect a significant number of contractual relationships. Standardized terms under German, Austrian and Swiss law are required to comply with the statutory law on general terms and conditions (Allgemeine Geschäftsbedingungen), which means that they are routinely subject to scrutiny by German, Austrian or Swiss courts with regard to their content and the way they are presented to the other contractual party. As a general rule, standardized terms are invalid if they are not transparent, unclearly worded, unbalanced or discriminatory. Any standard clauses in its contracts being held invalid could lead to a substantial number of claims against SIGNA Prime or force SIGNA Prime to bear costs which SIGNA Prime had previously considered to be allocable to its contractual counterparties. In addition, clauses which are not standard clauses may also be invalid, which could have a material adverse effect on SIGNA Prime if, for example, such invalid clause allows a key tenant to exercise an extraordinary termination rights.

Real estate owned by SIGNA Prime is leased predominantly on a long-term basis. Pursuant to German, Austrian or Swiss law, fixed-term lease agreements with a term exceeding one year can be terminated prior to their contractually agreed expiration date if certain formal requirements are not complied with. These include the requirement that there be a document that contains all the material terms of the lease agreement, including all attachments and amendments and the signatures of all parties thereto. While the details of the applicable formal requirements have been assessed differently by various German, Austrian or Swiss courts, most courts agree that such requirements are, in principle, strict. Some lease agreements regarding real estate owned by SIGNA Prime may not satisfy the strictest interpretations of these requirements. In this case, the respective lease agreement would be deemed to have been concluded for an indefinite term and could therefore be terminated one year after handover of the respective property to the tenant at the earliest, provided that the statutory notice period is complied with (i.e. notice of termination is admissible at the latest on the third working day of a calendar quarter towards the end of the next calendar quarter). Consequently, tenants could allege non-compliance with these formal requirements in order to procure an early termination of their lease agreements or a renegotiation of the terms of these lease agreements to its disadvantage.

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2.3.11 SIGNA Prime may be exposed to risks from compulsory purchase orders, expropriation or nationalization.

Any property in Germany, Austria, Switzerland and Northern Italy may at any time be compulsorily acquired by a public authority possessing compulsory purchase powers if it can demonstrate that the acquisition is required and justified. As a general rule, if a compulsory purchase, expropriation or nationalization order is made in respect of all or any part of a property, compensation would be payable on a basis equivalent to the open market value of all the owners' and any occupational tenants' proprietary interests in the relevant property at the time of the purchase. However, there is no guarantee that the amount of compensation received in connection with any such order would not have an adverse effect on the ability of the Issuer to make payments under the Notes (if they do not have other funds available). Also, there is often a delay between the compulsory purchase of a property and payment of the compensation, although advance interim payments of compensation may be available where the acquiring authority takes possession before compensation has been granted. Should a property be subject to a compulsory purchase order and should such a delay occur, then, unless SIGNA Prime has other funds available, also an event of default may occur under certain of the SIGNA Prime's loan agreements.

2.3.12 SIGNA Prime may be adversely affected by an increase of its tax burden.

SIGNA Prime is dependent on the general tax environment especially in Germany, Austria, Switzerland, Northern Italy and Luxembourg (the latter as jurisdiction of the Issuer and of several of SIGNA Prime's intra-group holding entities). The tax burden depends on various tax laws, as well as their application and interpretation. For instance, increases in the RETT-rate, as experienced in most German states and uncertainties with regards to the legal framework concerning interest deductibility and trade tax relief for the administration of real estate could make the acquisition, the holding and sale of properties more expensive and adversely affect SIGNA Prime's business. Its tax planning and optimization depends on the current and expected tax environment. Amendments to tax laws may take retroactive effect and their application or interpretation by tax authorities or courts may change unexpectedly. Furthermore, court decisions may cause change in the interpretation and application of tax laws by the tax authorities, or are occasionally limited to their specific facts by tax authorities by way of non-application decrees. This may also increase SIGNA Prime's tax burden.

SIGNA Prime and its subsidiary companies are assessed for taxes separately. Nevertheless, the tax results of the Austrian subsidiary companies are attributed to SIGNA Prime as a consequence of the application of the Austrian group taxation regime. Similar to, but not completely congruent with the Austrian group taxation, parts of the Kaufhof Portfolio also represent a Fiscal Group (Organschaft) for German corporate income tax purposes. Tax assessments are generally subject to change for a period of several years. Potential objections against tax assessments as well as potential court proceedings may also take several years. This compliance environment increases the uncertainty regarding the tax authorities' interpretations of applicable tax laws for periods for which assessment has not yet become final and unchangeable and increases the possibility that these interpretations may differ from the interpretations of SIGNA Prime at the time of filing. Any tax assessments that deviate from the expectations of SIGNA Prime could lead to an increase in tax obligations and, additionally, could give rise to interest payable on the additional amount of taxes.

Furthermore, future tax audits and other investigations conducted by the competent tax authorities could result in the assessment of additional taxes. In particular, this may be the case with respect to changes in SIGNA Prime's shareholding structure, other reorganization measures; tax loss carry-forwards could not be deductible as a consequence of changes in the shareholder structure. Impairment of properties may have been made with regard to which tax authorities could take the view that they ought to be disregarded for tax purposes. Furthermore, expenses (in particular interest expenses or management fees) could be treated as non-deductible or RETT could be assessed (even outside of a transaction as a consequence of direct and/or indirect changes in the shareholding structure of the relevant property owner), or items claimed as expenses could be disallowed and instead treated as an increase in the book value of properties. In addition, the tax residence of property holding companies or limited partners of property holding partnerships could be challenged and assumed to be in another country than intended or unintentionally in more than one country, the qualification of property holding partnerships as non-commercial partnerships could be denied, or trade tax relief for the administration of real estate could be refused (as the case may be and depending on the specific structure of the individual property holding). Any of these assessments could lead to an increase of SIGNA Prime's tax obligations and could result in the assessment of interest or fines. At the moment there are no provisions for tax risks associated with tax audits recognized. SIGNA Prime will establish provisions for such risks if required. Not or not adequately recognizing provisions may prove to

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be inappropriate and may negatively impact SIGNA Prime's cash flow at the payment of the underlying tax.

In Germany, a direct or indirect transfer (e.g. sale of purchase rights) of properties itself is subject to RETT. It is currently German market practice for the purchaser of properties to pay RETT, whereas according to German RETT law, in general, the seller as well as the purchaser are liable for the triggered RETT. Also direct and indirect movements in the participation in property holding entities and partnerships may trigger German RETT under certain circumstances (e.g. when meeting special thresholds). The respective RETT is determined at the state level. In September 2019, the German Federal Government forwarded a draft law providing for a reform of the RETT rules to the German Federal Parliament (Deutscher Bundestag). The intention is to reduce the legal or economic ownership threshold of currently 95% to 90% of the shares or interests in a real estate holding company upon which RETT is triggered. Further, the watching and holding periods for partnerships shall be extended from five to 10 years with regard to the watching period and from five to fifteen years with regard to the holding period, where applicable. Thus, the time period for partners in a property holding partnership to be able to acquire all partnership interests subject to a preferential regime (only triggering RETT on the interest acquired in addition to the interest already held) would be increased from five to fifteen years under the draft law. In addition, it is intended to introduce new RETT rules for corporations according to which RETT would be triggered if at least 90% of the shares in a corporation are directly or indirectly transferred within a period of 10 years from existing shareholders to new shareholders, i.e. effectively treating corporations for RETT purposes in the same way as partnerships (a unification of shares in a corporation would not be required), which might further restrict flexibility.

The legislative process is still ongoing. If the proposed legislative changes were to be introduced, acquisition processes for share or interest deals would become more complex compared to the current RETT law and would further increase the required minority rights for the seller and the acquisition costs and future administrative burdens in respect of the newly acquired property holding company. It may not even be possible to avoid RETT at all when it is envisaged to entirely acquire the property holding company from a third party. The RETT reform may also negatively affect existing structures where a call and/or put options have been agreed with a minority partner after a holding period of more than five (but less than 15) years. It might also be possible that the proposed amendments will be re-considered, which means that it remains unclear what the actual amendments to the German RETT law might look like. The new rules could be as set out above, but they could also look different, and, e.g. will provide for a lower threshold or even an entirely new concept, which might further increase the uncertainty with regard to existing structures as well as to future structuring.

The applicable RETT rate currently varies between 3.5% in Bavaria and Saxony and up to 6.5% in other federal states. Federal states may increase the RETT rate in the future. This would increase acquisition costs for the purchase of properties as well and can also affect the fair value of the properties.

According to the EU tax disclosure rules Germany, Luxembourg as well as Austria have to implement, or as is the case for Germany and Austria, have already implemented a rule that cross-border structuring or special tax structures have to be reported to the competent tax office.

In Austria the implication of an interest barrier as a result of an EU directive is discussed. At the moment, an implication is expected for the year 2024, though an earlier introduction of such regime cannot be excluded. As consequence of such interest barrier, certain amount of interest expenses could be treated as non-deductible.

In addition, due to the forfeiture of loss carry forwards under German tax laws, SIGNA Prime may be unable to use loss carry forwards to set off future gains. Tax loss carry forwards and unused losses of the current fiscal year are forfeited in full if more than 50% of the subscribed capital, membership rights, participation rights or voting rights in the Issuer are transferred, directly or indirectly, to an acquirer or related parties of such acquirer (or a group of acquirers with common interests) within a period of five years or in case of comparable measures (harmful acquisition). The same applies for interest carry forwards. If and to the extent the tax loss carry forwards, interest carry forwards and unused losses of the current fiscal year are covered by the built-in gains ("hidden reserves") of the loss-making company's business assets that are subject to domestic taxation, a forfeiture of such items would generally not apply. However, according to the opinion of the relevant German fiscal authorities, the so-called "hidden reserve clause" only applies with respect to the individual loss-making company and may not be available in existing German income tax groups (Organschaften).

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SIGNA Prime may become party to tax proceedings. The outcome of such tax proceedings may not be predictable and may turn out to be detrimental to SIGNA Prime.

The materialization of any of these risks could have a material adverse effect, in particular, on SIGNA Prime's business, net assets, financial condition, results of operations or cash flows.

RISK FACTORS RELATING TO THE NOTES AND THE GUARANTEE

2.4 Risk Factors Relating to the Notes

The risk factors relating to the Notes are presented in categories depending on their nature with the most material risk factor presented first in each category:

Words and expressions defined in the Terms and Conditions shall have the same meanings in this section.

2.4.1 Risks related to the nature of the Notes

2.4.1.1 Holders are subject to the risk of a partial or total failure of the Issuer and/or the Guarantor to make interest and/or redemption payments.

Any person who purchases the Notes is relying on the creditworthiness of the Issuer and/or of the Guarantor and has no rights against any other person. Holders are subject to the risk of a partial or total failure of the Issuer to make interest and/or redemption payments that the Issuer is obliged to make under the Notes and the Guarantor is obliged to make under the Guarantee. The worse the creditworthiness of the Issuer or of the Guarantor, the higher the risk of loss. A materialization of the credit risk may result in partial or total failure of the Issuer or of the Guarantor, as the case may be, to make interest and/or redemption payments under the Notes or the Guarantee.

In addition, even if the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due actually has not decreased, market participants could nevertheless be of that opinion. Market participants may in particular be of such opinion if market participants' assessment of the creditworthiness of corporate debtors in general or debtors operating in the industries sector adversely change. If any of these risks occur, third parties would only be willing to purchase the Notes for a lower price than before the materialization of said risk. The market value of the Notes may therefore decrease.

2.4.1.2 The obligations under the Notes will be effectively subordinated to the Group's debt to the extent such debt is secured by assets that are not also securing the Notes.

Although the Terms and Conditions restrict the Issuer's ability to provide asset security for the benefit of other debt and require the Issuer to secure the Notes equally if they provide security for the benefit of Capital Market Indebtedness (as defined in the Terms and Conditions), the requirement to provide equal security to the Notes is subject to a number of significant exceptions and carve-outs. To the extent the Issuer provides asset security for the benefit of other debt without also securing the Notes, the Notes will be effectively junior to such debt to the extent of such assets.

As a result of the foregoing, holders of any secured debt of the Group may recover disproportionately more on their claims than the Holders in an insolvency, bankruptcy or similar proceeding. The Issuer may not have sufficient assets remaining to make payments on the Notes.

2.4.1.3 The obligations under the Notes are structurally subordinated to creditors of the Issuer's subsidiaries

The Notes will not be guaranteed by any of the subsidiaries of the Issuer. Generally, claims of creditors of a subsidiary, including trade creditors, secured creditors, and creditors holding indebtedness and guarantees issued by the subsidiary, will have priority with respect to the assets and earnings of the subsidiary over the claims of creditors of its parent company. In the event of a liquidation, winding-up or dissolution or a bankruptcy, administration, reorganization, insolvency, receivership or similar proceeding of any subsidiary of the Issuer, such subsidiary will pay the holders of its own debt (including holders of third- party debt which such subsidiaries have guaranteed) before they would be able to distribute any of their assets to the Issuer. As a result, the Issuer may not have sufficient assets to make payments on the Notes.

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2.4.1.4 Market price risk

The development of market prices of the Notes depends on various factors, such as changes of market interest rate levels, the policies of central banks, overall economic developments, inflation rates or the lack of or excess demand for the relevant type of Note. The Holders are therefore exposed to the risk of an unfavorable development of market prices of their Notes, which materializes if the Holders sell the Notes prior to the final maturity of such Notes. If a Holder decides to hold the Notes until final maturity, the Notes will be redeemed at their principal amount.

Holders are exposed to the risk that the price of their Notes falls as a result of changes in the market interest rate levels. While the nominal interest rate is fixed during the life of such Notes, the current interest rate on the capital market ("market interest rate") typically changes on a daily basis. As the market interest rate changes, the price of the Notes also changes, but in the opposite direction. If the market interest rate increases, the price of the Notes typically falls, until the yield of such Notes is approximately equal to the market interest rate of comparable issues. If the market interest rate falls, the price of Notes typically increases, until the yield of such Notes is approximately equal to the market interest rate of comparable issues. If the Holder holds such Notes until maturity, changes in the market interest rate are without relevance to such Holder as the Notes will be redeemed at a specified redemption amount, usually the principal amount of such Notes.

2.4.1.5 Liquidity risk

Application has been made to the Luxembourg Stock Exchange for Notes issued under this Base Prospectus to be admitted to trading on the Regulated Market and to be listed on the official list of the Luxembourg Stock Exchange. However, Series of Notes issued under the Programme can also be listed on other stock exchanges or may not be listed at all, as specified in the relevant Final Terms.

Regardless of whether Series of Notes are listed or not, there is a risk that no liquid secondary market for such Notes will develop or, if it does develop, that it will not continue. The fact that Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted Notes. If Notes are not listed on any exchange, pricing information for such Notes may, however, be more difficult to obtain which may affect the liquidity of the Notes adversely.

The liquidity of a Series of Notes may also be subject to fluctuations during the term of such Notes and may deteriorate, in particular as a result of repurchases and redemptions.

In an illiquid market, an investor is subject to the risk that he will not be able to sell his Notes at any time at fair market prices.

2.4.2 Risks related to the specific Conditions of the Notes

2.4.2.1 Risk of early redemption

At the Issuer's option, the Notes may be redeemed prior to the Maturity Date at par plus accrued interest if, as a result of a future change of the laws applicable in Luxembourg or Austria, the Issuer or the Guarantor, respectively, will be obliged to pay Additional Amounts (as defined in the Terms and Conditions).

In addition and if provided for in any Final Terms for a particular Series of Notes, the Notes may be redeemed prior to the Maturity Date (i) at their Call Redemption Amount or (ii) at their principal amount if the aggregate principal amount of the Notes of the relevant Series outstanding is equal to or less than 20 per cent. (or such other percentage as indicated in the Final Terms) of the aggregate principal amount of the Notes of the Series originally issued. If the Notes of any Series are redeemed earlier than expected by a Holder, a Holder is exposed to the risk that due to the early redemption his investment will have a lower than expected yield and to the risks connected with any reinvestment of the cash proceeds received as a result of the early redemption. The redemption amount may be lower than the then prevailing market price of and the purchase price for the Notes paid by the Holder for the Notes so that the Holder in such case would not receive the total amount of the capital.

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2.4.2.2 Amendments to the Terms and Conditions by resolution of the Holders and appointment of a joint representative

Since the Terms and Conditions for a Series of Notes may be amended by the Issuer with consent of the relevant Holders by way of a majority resolution in a Holders' Meeting or by a vote not requiring a physical meeting (Abstimmung ohne Versammlung) as described in Sections 5 et seq. of the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen, "SchVG"), the Issuer may subsequently amend the Terms and Conditions with the consent of the majority of Holders as described in Section 14 of the Terms and Conditions, which amendment will be binding on all Holders of the relevant Series of Notes, even on those who voted against the change. As the relevant majority for Holders' resolutions is generally based on votes cast, rather than on the aggregate principal amount of the relevant Series of Notes outstanding, any such resolution may technically be passed with the consent of less than a majority of the aggregate principal amount of the relevant Series of Notes outstanding.

Therefore, a Holder is subject to the risk of being outvoted by a majority resolution of the Holders. As such majority resolution is binding on all Holders of a particular Series of Notes, certain rights of such Holder against the Issuer under the Terms and Conditions may be amended or reduced or cancelled, even for Holders who have declared their claims arising from the Notes due and payable but who have not received payment from the Issuer prior to the amendment taking effect, which may have significant negative effects on the value of the Notes and the return from the Notes.

The Holders may by majority resolution provide for the appointment or dismissal of a joint representative. If a joint representative is appointed a Holder may be deprived of its individual right to pursue and enforce a part or all of its rights under the Terms and Conditions against the Issuer, such right passing to the Holders' joint representative who is then exclusively responsible to claim and enforce the rights of all the Holders.

2.4.2.3 Market perceptions concerning the instability of the euro or the possible abandonment of the euro currency by one or more members of the European Monetary Union could adversely affect the value of any Notes denominated in euro.

If the specified denomination of Notes is euro, investors will have to pay for such Notes in euro. Payments of principal and interest, including payments made upon any redemption of Notes, Make-Whole Amount, if any, and Additional Amounts, if any, in respect of Notes denominated in euro will be payable in euro2.

The COVID-19 pandemic has put pressure on the economies of member states of the European Union. Despite measures taken by the European Union to provide fiscal and monetary support to the eurozone and member states in economic difficulties, it is possible that the euro could be abandoned as a currency in the future by countries that have already adopted its use. This may lead to the re-introduction of individual currencies in one or more European Monetary Union member states, or in more extreme circumstances, to the dissolution of the European Monetary Union. Any such abandonment of the euro by a country that has adopted the currency may have, and a dissolution of the European Monetary Union would have, a materially adverse effect on the value of the Notes.

2.5 Risk Factors Relating to the Guarantee

2.5.1 The Guarantee is an unsecured obligation of the Guarantor and is subordinated to secured obligations on insolvency.

Holders of secured obligations of the Guarantor will have claims that are prior to the claims of holders of the Notes to the extent of the value of the assets securing those other obligations. The Notes are effectively subordinated to secured indebtedness to the extent of the value of the assets securing those other obligations. In the event of any distribution of assets or payment in any foreclosure, dissolution, winding up, liquidation, reorganization, or other bankruptcy proceeding, the assets securing the claims of secured creditors will be available to satisfy the claims of those creditors, if any, before they are available to unsecured creditors, including the holders of the Notes. In any of the foregoing events, there is no assurance to holders of the Notes that there will be sufficient assets to pay amounts due on the Notes under the Guarantee.

2 The issue currency of the Notes will be set out in the relevant Final Terms.

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3. ISSUE PROCEDURES

3.1 General

The Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche of Notes (the "Conditions"). The Conditions will be constituted by the Terms and Conditions of the Notes set forth in section 4 "Terms and Conditions of the Notes" (the "Terms and Conditions") as further specified by the Final Terms (the "Final Terms") as described below.

3.2 Documentation of the Conditions

The Final Terms shall be completed as set out therein. The Final Terms shall replicate the relevant provisions of the Terms and Conditions as set out in the Base Prospectus in the Final Terms. The replicated and completed provisions of the set of Terms and Conditions alone shall constitute the Conditions, which will be attached to each global note representing the Notes of the relevant Tranche.

3.3 Determination of Options / Completion of Placeholders

The Terms and Conditions contain options (characterized by indicating the respective optional provision through instructions and explanatory notes set out either on the left of or in square brackets within the text of the relevant set of Terms and Conditions as set out in the Base Prospectus) as well as placeholders (characterized by square brackets which include the relevant items) which will be determined by the Final Terms as follows:

3.3.1 Determination of Options

The Issuer will determine which options will be applicable to the individual issue either by replicating the relevant provisions in the Final Terms or by reference of the Final Terms to the respective sections of the relevant set of Terms and Conditions as set out in the Base Prospectus. If the Final Terms do not refer to an alternative or optional provision or such alternative or optional provision is not replicated therein it shall be deemed to be deleted from the Conditions.

3.3.2 Completion of Placeholders

The Final Terms will specify the information with which the placeholders in the relevant set of Terms and Conditions will be completed. In the case the provisions of the Final Terms and the relevant set of Terms and Conditions, taken together, shall constitute the Conditions the relevant set of Terms and Conditions shall be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the placeholders of such provisions.

All instructions and explanatory notes and text set out in square brackets in the relevant set of Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.

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4. TERMS AND CONDITIONS OF THE NOTES EMISSIONSBEDINGUNGEN

1. Currency, Denomination, Form, 1. Währung, Stückelung, Form, Certain Definitions Bestimmte Definitionen

1.1 Currency; Denomination 1.1 Währung; Stückelung

This issue of notes (the "Notes") of Diese Emission von SIGNA Prime Capital Market S.C.S., a Schuldverschreibungen (die partnership limited by shares incorporated "Schuldverschreibungen") der SIGNA in The Grand Duchy of Luxembourg] (the Prime Capital Market S.C.S., einer im "Issuer"), is being issued in [•] (the Großherzogtum Luxemburg errichteten "Specified Currency") the aggregate Personengesellschaft mit beschränkter principal amount of [•] (in words: [•]) in Haftung (die "Emittentin") wird am [•] denominations of [•] (the "Specified (der "Begebungstag") in [•] (die Denomination") on [•] (the "Issue "Festgelegten Währung") im Date"). Gesamtnennbetrag von [•] (in Worten: [•]) in einer Stückelung von [•] (die "Festgelegte Stückelung") begeben.

1.2 Form 1.2 Form

The Notes are being issued in bearer form. Die Schuldverschreibungen lauten auf den The Notes are represented by one global Inhaber. Die Schuldverschreibungen sind note payable to bearer without interest durch eine auf den Inhaber lautende coupons (the "Global Note"). [The Global Globalurkunde ohne Zinsscheine verbrieft Note shall be signed manually by one or (die "Globalurkunde"). [Die more authorised signatory/ies of the Issuer Globalurkunde trägt die eigenhändige and shall be authenticated by or on behalf Unterschrift eines oder mehrerer of the Paying Agent.] ordnungsgemäß bevollmächtigte/r Vertreter/s der Emittentin und ist von der Zahlstelle mit einer Kontrollunterschrift zu versehen.]

Definitive notes and interest coupons shall Einzelurkunden und Zinsscheine werden not be issued. The right of the Holders to nicht ausgegeben. Ein Recht der require the issue and delivery of definitive Gläubiger auf Ausgabe und Lieferung von notes or interest coupons is excluded. Einzelurkunden oder Zinsscheinen besteht nicht.

1.3 Clearing System 1.3 Clearingsystem

The Global Note representing the Notes Die Globalurkunde, welche die shall be deposited with Clearstream Schuldverschreibungen verbrieft, wird bei Banking AG, Frankfurt am Main ("CBF" Clearstream Banking AG, Frankfurt am or "Clearing System"), until the Issuer Main ("CBF" oder "Clearingsystem") has satisfied and discharged all of its hinterlegt, bis sämtliche Verpflichtungen obligations under the Notes. der Emittentin aus den Schuldverschreibungen erfüllt sind.

Pursuant to the book-entry registration Gemäß dem zwischen der Emittentin und agreement between the Issuer and CBF, CBF abgeschlossenen Book-Entry the Issuer has appointed CBF as its book- Registration Agreement hat die Emittentin entry registrar in respect of the Notes, and CBF als Effektengiro-Registerführer CBF has agreed to maintain a register bezüglich der Schuldverschreibungen showing the aggregate number of the bestellt und CBF hat sich verpflichtet, ein Notes represented by the Global Note Register über die jeweilige Gesamtzahl under its own name. CBF has agreed, as der durch die Globalurkunde verbrieften agent of the Issuer, to maintain records of Schuldverschreibungen unter eigenem the Notes credited to the accounts of the Namen zu führen. CBF hat sich

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accountholders of CBF for the benefit of verpflichtet, als Beauftragte der the holders of the co-ownership interests Emittentin in ihren Büchern in the Notes represented by the Global Aufzeichnungen über die auf den Konten Note, and the Issuer and CBF have agreed der Kontoinhaber in CBF zugunsten der that the actual number of Notes from time Inhaber der Miteigentumsanteile an den to time shall be evidenced by the records durch diese Globalurkunde verbrieften of CBF. Schuldverschreibungen zu führen. Die Emittentin und CBF haben ferner vereinbart, dass sich die tatsächliche Zahl der Schuldverschreibungen, die jeweils verbrieft sind, aus den Unterlagen von CBF ergibt.

1.4 Holder of Notes 1.4 Gläubiger von Schuldverschreibungen

"Holder" means any holder of a "Gläubiger" bezeichnet jeden Inhaber proportionate co-ownership or other eines Miteigentumsanteils oder anderen beneficial interest or right in the Notes. vergleichbaren Rechts an den Schuldverschreibungen.

1.5 Transferability 1.5 Übertragbarkeit

The Holders shall receive proportional co- Den Gläubigern stehen ownership participations or similar rights Miteigentumsanteile oder vergleichbare in the Global Note that are transferable in Rechte an der Globalurkunde zu, die nach accordance with applicable law and Maßgabe des anwendbaren Rechts und applicable rules of the Clearing System. der jeweils geltenden Regelwerke des Clearingsystems übertragen werden können.

2. Status, Guarantee 2. Status, Garantie

2.1 Status 2.1 Status

The obligations under the Notes constitute Die Schuldverschreibungen begründen direct, unconditional, unsecured and unmittelbare, unbedingte, nicht besicherte unsubordinated obligations of the Issuer und nicht nachrangige Verbindlichkeiten ranking pari passu among themselves and der Emittentin, die untereinander und mit pari passu with all other unsecured and allen anderen nicht besicherten und nicht unsubordinated obligations of the Issuer, nachrangigen Verbindlichkeiten der unless such obligations are accorded Emittentin gleichrangig sind, soweit priority under mandatory provisions of diesen Verbindlichkeiten nicht durch statutory law. zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird.

2.2 Guarantee 2.2 Garantie

SIGNA Prime Selection AG (the SIGNA Prime Selection AG (die "Guarantor") has given an unconditional "Garantin") hat eine unbedingte und and irrevocable guarantee (the unwiderrufliche Garantie (die "Guarantee") for the due and punctual "Garantie") für die ordnungsgemäße und payment of principal of, and interest on pünktliche Zahlung von Kapital-, und (including the full repayment amount) any Zinszahlungen (inklusive des Notes. The Guarantee constitutes a vollständigen Rückzahlungsbetrags) unter contract for the benefit of the Holders den Schuldverschreibungen übernommen. from time to time as third party Die Garantie stellt einen Vertrag beneficiaries in accordance with zugunsten der Gläubiger als begünstigte section 328(1) Civil Code (Bürgerliches Dritte im Sinne des § 328 Abs. 1 BGB dar, Gesetzbuch), giving rise to the right of der jedem Gläubiger das Recht gibt, die each Holder to require performance of the Garantin unmittelbar aus der Garantie auf Guarantee directly from the Guarantor and Erfüllung in Anspruch zu nehmen und

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to enforce the Guarantee directly against Ansprüche aus der Garantie unmittelbar the Guarantor. Copies of the Guarantee gegen die Garantin durchzusetzen. may be obtained free of charge at the Abschriften der Garantie sind bei der specified office of the Paying Agent. bezeichneten Geschäftsstelle der Zahlstelle kostenlos erhältlich.

3. Negative Pledge 3. Negativverpflichtung

3.1 Negative Pledge 3.1 Negativverpflichtung

Each of the Issuer and the Guarantor Die Emittentin und die Garantin ver- undertake for the benefit of the Holders, pflichten sich gegenüber den Gläubigern for so long as any Notes are outstanding, für die Laufzeit der Schuld- but only until such time as all amounts of verschreibungen, längstens jedoch bis zu principal and interest have been placed at dem Zeitpunkt, an dem alle Beträge an the disposal of the Paying Agent: Kapital und Zinsen unter den Schuldver- schreibungen der Zahlstelle vollständig zur Verfügung gestellt worden sind:

(a) (i) not to create or permit to sub- (a) (i) für Kapitalmarktverbindlich- sist any form of Security Interest keiten (wie unten definiert) keine (as defined below) over its assets Sicherheiten (wie unten de- to secure any Capital Market finiert) an ihren Vermögenswer- Indebtedness (as defined below) ten zu bestellen oder deren Fort- and (ii) not to permit third parties bestand zu erlauben und (ii) Drit- to create any form of Security ten nicht zu erlauben, zur Besi- Interest over its assets to secure cherung von Kapitalmarktver- any Capital Market Indebted- bindlichkeiten Sicherheiten an ness; and ihren Vermögenswerten zu bestellen; und

(b) to procure that (i) none of its (b) dafür Sorge zu tragen, dass (i) Subsidiaries (as defined below) keine ihrer Tochtergesellschaften will create or permit to subsist (wie unten definiert) für Kapi- any form of Security Interest over talmarktverbindlichkeiten Si- its assets to secure any Capital cherheiten an ihren Vermögens- Market Indebtedness and (ii) werten bestellt oder deren Fort- none of its Subsidiaries permit bestand erlaubt und (ii) keine third parties to create any form of ihrer Tochtergesellschaften Drit- Security Interest over its assets to ten erlaubt, zur Besicherung von secure any Capital Market Kapitalmarktverbindlichkeiten Indebtedness; Sicherheiten an ihren Vermö- genswerten zu bestellen;

unless, subject to Section 3.2 below, (i) ohne, vorbehaltlich Ziffer 3.2 unten, (i) the Issuer or the Guarantor, as applicable, jeweils unverzüglich sicherzustellen, dass promptly ensures that Holders are given a die Gläubiger zur gleichen Zeit und im Security Interest at the same time and with gleichen Rang an solchen the same ranking in assets recognized by Vermögenswerten eine Sicherheit an independent, internationally erhalten, die von einem unabhängigen, recognized auditor as equivalent to the international anerkannten assets so secured or (ii) the Capital Market Wirtschaftsprüfer als gleichwertige Indebtedness so secured is Capital Market Sicherheit anerkannt werden, oder (ii) die Indebtedness incurred prior to the Issue so besicherte Kapitalmarkt- Date. verbindlichkeit ist eine Kapitalmarkt- verbindlichkeit die vor dem Begebungstag begründet worden ist.

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3.2 Limitation. 3.2 Beschränkung

The undertakings pursuant to Section 3.1 Die Verpflichtungserklärungen nach Zif- shall not apply to any security interest fer 3.1 gelten nicht für Sicherungsrechte, which is mandatory according to die nach anwendbarem Recht zwingend applicable laws or required as prerequisite vorgeschrieben sind oder Voraussetzung for governmental approvals. für die Gewährung staatlicher Genehmi- gungen sind.

3.3 Provision of Additional Security 3.3 Bestellung zusätzlicher Sicherheiten

Whenever the Guarantor becomes Entsteht für die Garantin die Verpflich- obligated to secure (or procure that a tung zur Besicherung der Schuldver- Subsidiary secures) the Notes pursuant to schreibungen gemäß Ziffer 3.1 (oder ent- Section 3.1, the Guarantor shall be entitled steht die Verpflichtung, für deren Besi- to discharge such obligation by providing cherung durch eine Tochtergesellschaft (or procure that the relevant Subsidiary Sorge zu tragen), so ist die Garantin be- provides) a security interest in the relevant rechtigt, diese Verpflichtung dadurch zu collateral to a security trustee, such erfüllen, dass ein Sicherungsrecht an dem security trustee to hold such collateral and jeweiligen Sicherungsgegenstand zuguns- the security interest that gave rise to the ten eines Sicherheitentreuhänders be- creation of such collateral, equally gründet wird (bzw. dadurch, dass sie die (dinglich oder, falls rechtlich nicht betreffende Wesentliche Tochtergesell- möglich, aufgrund schuldrechtlicher schaft zur Begründung eines solchen Si- Vereinbarung gleichrangig), for the cherungsrechts veranlassen), und zwar in benefit of the Holders and the holders of einer Weise, dass der Sicherheitentreu- the Capital Market Indebtedness secured händer diesen Sicherungsgegenstand by the security interest that gave rise to the dinglich oder, falls rechtlich nicht mög- creation of such security interest in such lich, aufgrund schuldrechtlicher Verein- collateral. barung gleichrangig zugunsten der Gläu- biger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktver- bindlichkeit hält, die aufgrund einer Besi- cherung mit einem Sicherungsrecht zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte.

4. Interest 4. Verzinsung

4.1 Rate of Interest and Interest Payment 4.1 Zinssatz und Zinszahlungstage Dates Die Schuldverschreibungen werden The Notes shall bear interest on their bezogen auf ihren Nennbetrag verzinst, principal amount at the rate of [•]% per und zwar vom [•] (der annum from (and including) [•] (the "Verzinsungsbeginn") (einschließlich) "Interest Commencement Date") to (but mit [•]% p.a. bis zum Fälligkeitstag (wie excluding) the Maturity Date (as defined in Ziffer 6.1 definiert) (ausschließlich). in Section 6.1). Interest shall be payable Die Zinsen sind nachträglich am [•] eines annually in arrear on [•] in each year (each jeden Jahres zahlbar (jeweils ein such date, an "Interest Payment Date"). "Zinszahlungstag"). Die erste The first payment of interest shall be made Zinszahlung erfolgt am [•]. on [•].

4.2 Late Payments 4.2 Zahlungsverzug

If the Issuer for any reason fails to redeem Wenn die Emittentin aus irgendeinem the Notes when due, interest shall Grund Zahlungen auf die continue to accrue on the outstanding Schuldverschreibungen bei Fälligkeit amount from (and including) the due date nicht zahlt, wird der ausstehende Betrag until (but excluding) the date of actual vom Tag der Fälligkeit (einschließlich) bis

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redemption of the Notes at the default rate zum Tag der tatsächlichen Rückzahlung of interest established by law1. Claims for der Schuldverschreibungen further damages in case of late payment (ausschließlich) mit dem gesetzlich are not excluded. bestimmten Verzugszins1 verzinst. Die Geltendmachung eines weitergehenden Schadens ist nicht ausgeschlossen.

4.3 Calculation of Interest for Periods of 4.3 Berechnung der Zinsen für Zeiträume Less Than One Year von weniger als einem Jahr

If interest is to be calculated for a period Sofern Zinsen für einen Zeitraum von of less than a full year, it shall be weniger als einem vollen Jahr zu calculated on the basis of the Day Count berechnen sind, erfolgt die Berechnung Fraction (as defined below). The number auf der Grundlage des Zinstagequotienten of Interest Payment Dates per calendar (wie nachfolgend definiert). Die Anzahl year (each a "Determination Date") is der Zinszahlungstage je Kalenderjahr one. (jeweils ein "Feststellungstermin") beträgt eins.

4.4 Day Count Fraction 4.4 Zinstagequotient

"Day Count Fraction" means, in respect "Zinstagequotient" bezeichnet in Bezug of the calculation of an amount of interest auf die Berechnung von Zinsbeträgen auf on any Note for any period of time (the die Schuldverschreibungen für einen "Calculation Period"): beliebigen Zeitraum (der "Zinsberechnungszeitraum"):

(a) if the Calculation Period (from (a) wenn der and including the first day of such Zinsberechnungszeitraum period but excluding the last) is (einschließlich des ersten aber equal to or shorter than the ausschließlich des letzten Tages Determination Period during dieses Zeitraums) kürzer ist als which the Calculation Period die Feststellungsperiode, in die ends, the number of days in such das Ende des Calculation Period (from and Zinsberechnungszeitraumes fällt including the first day of such oder ihr entspricht, die Anzahl period but excluding the last) der Tage in dem betreffenden divided by the product of (i) the Zinsberechnungszeitraum number of days in such (einschließlich des ersten aber Determination Period and (ii) the ausschließlich des letzten Tages number of Determination Dates dieses Zeitraums) geteilt durch that would occur in one calendar das Produkt aus (i) der Anzahl der year; or Tage in der Feststellungsperiode und (ii) der Anzahl der Feststellungstermine in einem Kalenderjahr; oder

(b) if the Calculation Period (from (b) wenn der and including the first day of such Zinsberechnungszeitraum period but excluding the last) is (einschließlich des ersten aber longer than the Determination ausschließlich des letzten Tages Period during which the dieses Zeitraums) länger ist als Calculation Period ends, the sum die Feststellungsperiode, in die of: (i) the number of days in such das Ende des Calculation Period falling in the Zinsberechnungszeitraumes fällt,

1 The default rate of interest established by statutory law is five percentage points above the basis rate of interest published by Deutsche Bundesbank from time to time, sections 288 paragraph 1, 247 paragraph 1 of the German Civil Code (Bürgerliches Gesetzbuch). 1 Der gesetzliche Verzugszinssatz beträgt fünf Prozentpunkte über dem von der Deutschen Bundesbank jeweils veröffentlichen Basiszinssatz, §§ 288 Abs. 1, 247 Abs. 1 BGB.

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Determination Period in which die Summe aus (i) der Anzahl der the Calculation Period begins Tage in dem divided by the product of (A) the Zinsberechnungszeitraum, die in number of days in such die Feststellungsperiode fallen, in Determination Period and (B) the welcher der number of Determination Dates Zinsberechnungszeitraum that would occur in one calendar beginnt, geteilt durch das Produkt year and (ii) the number of days aus (A) der Anzahl der Tage in in such Calculation Period falling dieser Feststellungsperiode und in the next Determination Period (B) der Anzahl der divided by the product of (A) the Feststellungstermine in einem number of days in such Kalenderjahr und (ii) der Anzahl Determination Period and (B) the der Tage in dem number of Determination Dates Zinsberechnungszeitraum, die in that would occur in one calendar die nächste Feststellungsperiode year. fallen, geteilt durch das Produkt aus (A) der Anzahl der Tage in dieser Feststellungsperiode und (B) der Anzahl der Feststellungstermine in einem Kalenderjahr.

"Determination Period" means the "Feststellungsperiode" ist der Zeitraum period from (and including) a ab einem Feststellungstermin Determination Date (or, in the case of the (einschließlich desselben) (oder, im Fall first Determination Date, from (and des ersten Feststellungstermins, vom including) the Interest Commencement Verzinsungsbeginn (einschließlich)) bis Date) to, (but excluding) the next zum nächsten Feststellungstermin Determination Date. (ausschließlich).

5. Payments 5. Zahlungen

5.1 Payment of Principal and Interest 5.1 Zahlung von Kapital und Zinsen

Payment of principal and interest in Die Zahlung von Kapital und Zinsen auf respect of the Notes shall be made, subject die Schuldverschreibungen erfolgt, to paragraph (2) below, to the Paying vorbehaltlich Absatz (2), an die Zahlstelle Agent for forwarding to the Clearing zur Weiterleitung an das Clearingsystem System or to its order for credit to the oder dessen Order zur Gutschrift auf den accounts of the relevant accountholders of Konten der jeweiligen Kontoinhaber des the Clearing System. Clearingsystems.

5.2 Manner of Payment 5.2 Zahlungsweise

Subject to applicable fiscal and other laws Vorbehaltlich geltender steuerlicher oder and regulations, payments of amounts due sonstiger gesetzlicher Regelungen und in respect of the Notes shall be made in the Vorschriften werden auf die Specified Currency. Schuldverschreibungen fällige Zahlungen in der Festgelegten Währung geleistet.

5.3 Discharge 5.3 Erfüllung

The Issuer or, as the case may be, the Die Emittentin bzw. die Garantin werden Guarantor shall be discharged by payment durch Leistung der Zahlung an das to, or to the order of, the Clearing System. Clearingsystem oder dessen Order von ihrer Zahlungspflicht befreit.

5.4 Business Day 5.4 Geschäftstag

If the date for payment of any amount in Fällt der Tag der Fälligkeit einer Zahlung respect of any Note is not a Business Day in Bezug auf eine Schuldverschreibung

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then the Holder shall not be entitled to auf einen Tag, der kein Geschäftstag ist, payment until the next such Business Day so hat der Gläubiger keinen Anspruch auf in the relevant place and shall not be Zahlung vor dem nächsten Geschäftstag entitled to further interest or other am jeweiligen Ort und ist nicht berechtigt, payment in respect of such delay. weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen.

For these purposes, "Business Day" Für diese Zwecke bezeichnet means a day (other than a Saturday or a "Geschäftstag" einen Tag (außer einem Sunday) on which banks are open for Samstag oder einem Sonntag), an dem general business in [•] and on which the Banken in [•] für den allgemeinen Clearing System [as well as all relevant Geschäftsverkehr geöffnet sind und an parts of the Trans-European Automated dem das Clearingsystem [sowie alle Real-time Gross Settlement Express maßgeblichen Bereiche des Trans- Transfer system (TARGET2)] [are][is] European Automated Real-time Gross operational to effect payments. Settlement Express Transfer System (TARGET2)] betriebsbereit [sind][ist], um Zahlungen vorzunehmen.

5.5 References to Principal and Interest 5.5 Bezugnahmen auf Kapital und Zinsen

References in these Terms and Conditions Bezugnahmen in diesen to principal in respect of the Notes shall be Emissionsbedingungen auf Kapital der deemed to include, as applicable: the Schuldverschreibungen schließen, soweit principal amount per Note, [the Call anwendbar, die folgenden Beträge ein: Redemption Amount,] the Additional den Nennbetrag je Schuldverschreibung, Amounts and any other premium and any [Wahl-Rückzahlungsbetrag (Call),] other amounts which may be payable Zusätzliche Beträge und alle Aufschläge under or in respect of the Notes. oder sonstigen auf die References in these Terms and Conditions Schuldverschreibungen oder im to interest in respect of the Notes shall be Zusammenhang damit gegebenenfalls deemed to include, as applicable, any zahlbaren Beträge. Bezugnahmen in Additional Amounts which may be diesen Emissionsbedingungen auf Zinsen payable under Section 8. auf die Schuldverschreibungen schließen, soweit anwendbar, sämtliche gegebenenfalls gemäß Ziffer 8 zahlbaren Zusätzlichen Beträge ein.

5.6 Deposit of Principal and Interest 5.6 Hinterlegung von Kapital und Zinsen

The Issuer or the Guarantor, as the case Die Emittentin bzw. die Garantin ist may be, may deposit with the local court berechtigt, beim Amtsgericht Frankfurt (Amtsgericht) in Frankfurt am Main am Main Kapital oder Zinsbeträge zu principal or interest not claimed by hinterlegen, die von den Gläubigern nicht Holders within twelve months after the innerhalb von zwölf Monaten nach dem Maturity Date, even though such Holders Fälligkeitstag beansprucht worden sind, may not be in default of acceptance of auch wenn die Gläubiger sich nicht in payment. If and to the extent that the Annahmeverzug befinden. Soweit eine deposit is effected and the right of solche Hinterlegung erfolgt und auf das withdrawal is waived, the respective Recht der Rücknahme verzichtet wird, claims of such Holders against the Issuer erlöschen die diesbezüglichen Ansprüche shall cease. der Gläubiger gegen die Emittentin.

5.7 Payments Subject to Applicable Law 5.7 Zahlungen vorbehaltlich von gesetzlichen Regelungen Payments will be subject in all cases to (a) any fiscal or other laws and regulations Alle Zahlungen erfolgen unter Vorbehalt applicable thereto in the place of payment, (a), unbeschadet der Regelungen in but without prejudice to the provisions of Ziffer 8, sämtlichen steuerrechtlichen Section 8 and (b) any withholding or Regelungen oder anderen Gesetzen und deduction required pursuant to an Regelungen, die solche Zahlungen

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agreement described in section 1471(b) of betreffen, und (b) einer Einbehaltung oder the U.S. Internal Revenue Code of 1986 eines Abzugs gemäß Abschnitt 1471(b) (the "Code") or otherwise imposed des U.S. Internal Revenue Code von 1986 pursuant to sections 1471 through 1474 of (der "Code") oder anderer Regelungen the Code, any regulations or agreements gemäß den Abschnitten 1471 bis 1474 des thereunder, any official interpretations Codes sowie sämtlichen darunter thereof, or (without prejudice to the erlassenen Vorschriften, förmlichen provisions of Section 8) any law Interpretationen und (unbeschadet der implementing an intergovernmental Regelungen in Ziffer 8) approach thereto. Umsetzungsakten, die auf zwischenstaatlichen Vereinbarungen beruhen.

6. Redemption 6. Rückzahlung

6.1 Redemption at Maturity 6.1 Rückzahlung bei Endfälligkeit

Unless previously redeemed in whole or Soweit nicht zuvor bereits ganz oder in part or purchased and cancelled, the teilweise zurückgezahlt oder angekauft Notes shall be redeemed at their principal und entwertet, werden die amount on [•] (the "Maturity Date"). Schuldverschreibungen zu ihrem Nennbetrag am [•] (der "Fälligkeitstag") zurückgezahlt.

6.2 Early Redemption for Reasons of 6.2 Vorzeitige Rückzahlung aus Taxation steuerlichen Gründen

If as a result of any change in, or Die Schuldverschreibungen können zum amendment to, the laws or regulations of nächsten Zinszahlungstag insgesamt, the Relevant Taxing Jurisdiction in jedoch nicht teilweise, nach Wahl der respect of the Issuer or, as the case may be, Emittentin mit einer Kündigungsfrist von the Guarantor affecting taxation or the nicht weniger als 30 und nicht mehr als 60 obligation to pay duties of any kind, or any Tagen durch Erklärung gegenüber der change in, or amendment to, an official Zahlstelle und gemäß Ziffer 15 gegenüber interpretation or application of such laws den Gläubigern gekündigt und zu ihrem or regulations, which amendment or Nennbetrag zuzüglich bis zum für die change becomes effective on or after the Rückzahlung festgesetzten Tag date on which the last tranche of this series (ausschließlich) aufgelaufener Zinsen of Notes was issued, the Issuer or, as the vorzeitig zurückgezahlt werden, falls die case may be, the Guarantor is required to Emittentin bzw. die Garantin als Folge pay Additional Amounts on the next einer Änderung oder Ergänzung der succeeding Interest Payment Date, and Gesetze und Vorschriften der this obligation cannot be avoided by the Maßgeblichen Steuerjurisdiktion im use of measures available to the Issuer or, Hinblick auf die Emittentin bzw. die as the case may be, the Guarantor, which Garantin, die Steuern oder die are, in the judgement of the Issuer or, as Verpflichtung zur Zahlung von Abgaben the case may be, the Guarantor, in each jeglicher Art betreffen, oder als Folge case taking into account the interests of einer Änderung oder Ergänzung der Holders, reasonable, the Notes may be offiziellen Auslegung oder Anwendung redeemed, in whole but not in part, at the dieser Gesetze und Vorschriften option of the Issuer, on the next Interest (vorausgesetzt, diese Änderung oder Payment Date upon not more than 60 days' Ergänzung wird am oder nach dem Tag nor less than 30 days' prior notice of der Begebung der letzten Tranche dieser redemption given to the Paying Agent Serie von Schuldverschreibungen and, in accordance with Section 15 to the wirksam) am nächstfolgenden Holders, at the principal amount together Zinszahlungstag zur Zahlung von with interest accrued to (but excluding) Zusätzlichen Beträgen verpflichtet sein the date fixed for redemption. However, wird und diese Verpflichtung nicht durch no such notice of redemption may be das Ergreifen der Emittentin bzw. der given (i) earlier than 90 days prior to the Garantin zur Verfügung stehender earliest date on which the Issuer or, as the Maßnahmen, die nach Auffassung der

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case may be, the Guarantor would be Emittentin bzw. der Garantin zumutbar obligated to pay such Additional Amounts sind (wobei jeweils die Interessen der if a payment in respect of the Notes was Gläubiger zu berücksichtigen sind) then due, or (ii) if at the time such notice vermieden werden kann. Eine solche is given, such obligation to pay such Kündigung darf allerdings nicht (a) früher Additional Amounts does not remain in als 90 Tage vor dem frühestmöglichen effect. Any such notice shall be given in Termin erfolgen, an dem die Emittentin accordance with Section 15. It shall be bzw. die Garantin verpflichtet wäre, irrevocable, must specify the date fixed solche Zusätzlichen Beträge zu zahlen, for redemption and must set forth a falls eine Zahlung auf die statement in summary form of the facts Schuldverschreibungen dann fällig wäre, constituting the basis for the right of the oder (b) erfolgen, wenn zu dem Zeitpunkt, Issuer so to redeem. zu dem die Kündigung erklärt wird, die Verpflichtung zur Zahlung von Zusätzlichen Beträgen nicht mehr wirksam ist. Eine solche Kündigung hat gemäß Ziffer 15 zu erfolgen. Sie ist unwiderruflich, muss den für die Rückzahlung festgelegten Termin nennen und eine zusammenfassende Erklärung enthalten, welche die das Rückzahlungsrecht der Emittentin begründenden Umständen darlegt.

[If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die the Option of the Issuer, the following applies: Schuldverschreibungen vorzeitig zurückzuzahlen, gilt Folgendes:

6.3 Early Redemption at the Option of the 6.3 Vorzeitige Rückzahlung nach Wahl der Issuer Emittentin

(a) The Issuer may, upon notice (a) Vorbehaltlich einer Kündigung given in accordance with gemäß Unterabsatz (b) kann die subparagraph (b), redeem at its Emittentin die option all or some of the Notes Schuldverschreibungen (except for any Note which is the (ausgenommen subject of the prior exercise by Schuldverschreibungen, deren the Holder thereof of the option to Rückzahlung der Gläubiger require the redemption of such bereits in Ausübung seines Note under Section 6.5) within Wahlrechts nach Ziffer 6.5 the period from (and including) verlangt hat) nach ihrer Wahl [•] prior to the maturity date, i.e. insgesamt oder teilweise to (but excluding) the Maturity innerhalb des Zeitraums von dem Date at their principal amount Tag [•] vor dem Fälligkeitstag, together with interest accrued, if d.h. (einschließlich) bis zum any, to (but excluding) the date Fälligkeitstag (ausschließlich) fixed for redemption. zum Nennbetrag, zuzüglich bis zum für die Rückzahlung festgesetzten Tag (ausschließlich) aufgelaufener Zinsen zurückzahlen.

(b) Any such notice of redemption (b) Eine solche Kündigung hat durch shall be given to the Paying Erklärung gegenüber der Agent and, in accordance with Zahlstelle und gemäß Ziffer 15 Section 15, to the Holders. Such gegenüber den Gläubigern zu notice shall specify (i) whether erfolgen. Sie beinhaltet die the Notes are to be redeemed in folgenden Angaben: (i) die whole or in part and, if in part, the Erklärung, ob die aggregate principal amount of the Schuldverschreibungen ganz Notes which are to be redeemed, oder teilweise zurückgezahlt

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and (ii) the date fixed for werden und im letzteren Fall den redemption, which shall be not Gesamtnennbetrag der less than 30 nor more than 60 zurückzuzahlenden days after the date on which Schuldverschreibungen, und (ii) notice is given by the Issuer to the den für die Rückzahlung Holders. festgesetzten Tag, der nicht weniger als 30 und nicht mehr als 60 Tage nach dem Tag der Kündigung durch die Emittentin gegenüber den Gläubigern liegen darf.

(c) In the case of a partial redemption (c) Werden die of Notes, Notes to be redeemed Schuldverschreibungen nur shall be selected in accordance teilweise zurückgezahlt, werden with the customary proceedings die zurückzuzahlenden of the relevant Clearing System. Schuldverschreibungen in Such partial redemption shall be Übereinstimmung mit den reflected in the records of CBF as üblichen Verfahren des either a pool factor or a reduction betreffenden Clearingsystems in principal amount, at the ausgewählt. Die teilweise discretion of CBF.] Rückzahlung wird in den Registern von CBF nach ihrem Ermessen entweder als Pool- Faktor oder als Reduzierung des Nennbetrags wiedergegeben.]

[If the Notes are subject to Early Redemption at [Falls die Emittentin das Wahlrecht hat, die their Make-Whole Amount, the following Schuldverschreibungen vorzeitig zum Make- applies: Whole Betrag zurückzuzahlen, gilt Folgendes:

6.4 Early Redemption at the Option of the 6.4 Vorzeitige Rückzahlung nach Wahl der Issuer (Make-Whole) Emittentin (Make-Whole)

The Issuer may, upon not less than 45 Die Emittentin kann die days' nor more than 60 days' prior notice Schuldverschreibungen (ausgenommen of redemption given to the Paying Agent Schuldverschreibungen, deren and, in accordance with Section 15, to the Rückzahlung der Gläubiger bereits in Holders, redeem on any date specified by Ausübung seines Wahlrechts nach Ziffer it (the "Call Redemption Date"), at its 6.5 verlangt hat) insgesamt, jedoch nicht option, the Notes (except for any Note teilweise, nach ihrer Wahl mit einer which is the subject of the prior exercise Kündigungsfrist von mindestens 45 und by the Holder thereof of its option to höchstens 60 Tagen durch Erklärung require the redemption of such Note under gegenüber der Zahlstelle und gemäß Section 6.5) in whole but not in part, at Ziffer 15 gegenüber den Gläubigern their Call Redemption Amount together kündigen und an einem von ihr with any unpaid interest accrued to (but anzugebenden Tag (dem "Wahl- excluding) the Call Redemption Date. Rückzahlungstag (Call)") zu ihrem Any such notice of redemption shall be Wahl-Rückzahlungsbetrag (Call) given in accordance with Section 15. It zusammen mit allen nicht gezahlten shall be irrevocable and must specify the Zinsen zurückzahlen, die bis zum Wahl- Call Redemption Date and the Call Rückzahlungstag (Call) (ausschließlich) Redemption Amount. aufgelaufen sind. Eine solche Kündigung hat gemäß Ziffer 15 zu erfolgen. Sie ist unwiderruflich und muss den Wahl- Rückzahlungstag (Call) und den Wahl- Rückzahlungsbetrag (Call) angeben.

The "Call Redemption Amount" per Der "Wahl-Rückzahlungsbetrag (Call)" Note means the higher of (i) the principal je Schuldverschreibung entspricht (i) dem Nennbetrag je Schuldverschreibung oder

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amount per Note and (ii) the Make-Whole (ii), falls höher, dem Abgezinsten Amount per Note. Marktpreis (Make-Whole Amount) je Schuldverschreibung.

The "Make-Whole Amount" will be an Der "Abgezinste Marktpreis (Make- amount in [•], rounded to 2 decimal places Whole Amount)" ist ein Betrag in [•], with [•] being rounded upwards, gerundet auf die zweite Dezimalstelle (bei calculated by the Calculation Agent and Aufrundung von [•]), von der equal to the sum of (a) the principal Berechnungsstelle berechnet und welcher amount which would otherwise become der Summe von (a) dem Nominalbetrag due on the Maturity Date, discounted to der am Fälligkeitstag fällig wäre und (b) the Call Redemption Date and (b) the den verbleibenden Zinszahlungen, die an remaining interest payments which would allen Zinszahlungstagen vom Wahl- otherwise become due on each Interest Rückzahlungstag (Call) (aber ihn selber Payment Date from (but excluding) the ausschließend) bis (und einschließlich) Call Redemption Date to (and including) dem Fälligkeitstag, jedoch aufgelaufene the Maturity Date (excluding any interest Zinsen bis zum Wahl-Rückzahlungstag accrued to (but excluding) the Call (Call) (ihn selber ausschließend) Redemption Date), each discounted to the ausschließend, in beiden Fällen abgezinst Call Redemption Date. zum Wahl-Rückzahlungstag (Call), entspricht.

The Make-Whole Amount will be Der Abgezinste Marktpreis (Make-Whole calculated by the Calculation Agent in Amount) wird von der gemäß der accordance with market convention on a Marktkonvention auf einer Grundlage, die basis which is consistent with the der Berechnung von Zinsen gemäß Ziffer calculation of interest as set out in 4 entspricht, wobei sie die Benchmark- Section 4 and using the Benchmark Yield Rendite zuzüglich [•] Basispunkten plus [•] basis points. zugrunde legt.

The "Benchmark Yield" means the yield Die "Benchmark-Rendite" bedeutet die determined by the Calculation Agent of Rendite der [•], welche von der the [•] on the Redemption Calculation Berechnungsstelle am Rückzahlungs- Date, as observed at or about [•] on such Berechnungstag festgestellt wird. Diese Redemption Calculation Date on the wird um [•] am Rückzahlungs- Screen Page in respect of the [•], or if such Berechnungstag auf der Screen Seite yield cannot be so determined at such ermittelt, oder, falls diese Rendite nicht zu time, the yield determined as aforesaid as diesem Zeitpunkt ermittelt werden kann, appearing on the Screen Page at such other durch Verwendung der Screen Seite zu time on the Redemption Calculation Date einem anderen Zeitpunkt am as may be considered to be appropriate by Rückzahlungs-Berechnungstag, welchen the Calculation Agent. die Berechnungsstelle für angemessen hält.

"Screen Page" means [•] (or any "Screen Seite" bedeutet [•] (oder eine successor page or successor pricing Nachfolger Seite oder Nachfolger Preis- source) for the [•], or, if such Screen Page Quelle) für [•], oder, falls eine solche or pricing source is not available, such Screen Seite oder Preis-Quelle nicht other page (if any) from such other verfügbar ist, eine andere Seite von einer information provider displaying anderen Informationsquelle welche im substantially similar data as may be Wesentlichen ähnliche Daten darstellt und considered in good faith to be appropriate welche von der Emittentin in Abstimmung by the Issuer on consultation with the mit der Berechnungsstelle nach Treu und Calculation Agent. Glauben handelnd berücksichtigt wird.

"Redemption Calculation Date" means "Rückzahlungs-Berechnungstag" ist der the tenth Business Day prior to the Call zehnte Geschäftstag vor dem Wahl- Redemption Date.] Rückzahlungstag (Call).]

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6.5 Early Redemption at the Option of the 6.5 Vorzeitige Rückzahlung nach Wahl der Holders upon a Change of Control Gläubiger bei Vorliegen eines Kontroll- wechsels

(a) If a Change of Control occurs (a) Tritt nach dem Begebungstag ein after the Issue Date, each Holder Kontrollwechsel ein, so ist jeder shall have the right, but not the Gläubiger berechtigt, aber nicht obligation, to require the Issuer to verpflichtet, von der Emittentin redeem or, at the Issuer's option, die vollständige oder teilweise purchase (or procure the purchase Rückzahlung oder, nach Wahl of) in whole or in part his Notes der Emittentin, den vollständigen at a redemption/purchase price in oder teilweisen Ankauf (oder die an amount equal to [•]% of the Veranlassung eines Ankaufs) principal amount per Note seiner Schuldverschreibungen zu together with accrued and unpaid [•]% des Nennbetrages je interest up to (but excluding) the Schuldverschreibung zuzüglich Change of Control Put Date (the bis zum Kontrollwechsel "Change of Control Put Gläubigerwahl-Rückzahlungstag Option"). Such Change of (ausschließlich) aufgelaufener Control Put Option shall operate aber noch nicht gezahlter Zinsen as set out below under zu verlangen (das Sections 6.5(b) and (c). "Kontrollwechsel-Gläubiger- Rückzahlungswahlrecht"). Dieses Rückzahlungswahlrecht ist wie nachstehend unter Ziffern 6.5(b) und 6.5(c) beschrieben auszuüben.

A "Change of Control" shall be Ein "Kontrollwechsel" gilt jedes deemed to have occurred at each Mal in einem der folgenden Fälle time (whether or not approved by als eingetreten (unabhängig the board of executive directors davon, ob der Vorstand oder der or supervisory board of the Aufsichtsrat der Garantin Guarantor) that: zugestimmt hat), wenn:

(i) a natural or legal entity (i) eine natürliche oder (or several legal entities juristische Person (oder acting together) or a mehrere gemeinsam group of entities that on vorgehende natürliche the Issue Date, neither oder juristische directly nor indirectly, Personen), die am alone or together with Begebungstag weder other entities hold a direkt noch indirekt Controlling Stake in the alleine oder gemeinsam Guarantor (as mit weiteren natürlichen applicable), gain(s) a oder juristischen Controlling Stake in the Personen eine Guarantor; or kontrollierende Beteiligung an der Garantin (wie jeweils anwendbar) hält, eine Kontrollierenden Beteiligung an der Garantin erlangt; oder

(ii) the Guarantor no longer (ii) die Garantin nicht länger (directly and/or (direkt und/oder indi- indirectly) holds 100% rekt) 100 % der of the voting stock in the stimmberechtigten Issuer.

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Anteile an der Emittentin hält.

(iii) A "Controlling Stake" (iii) Eine "Kontrollierende is deemed present, if (A) Beteiligung" liegt vor the majority of voting wenn (A) die Mehrheit shares in the Guarantor, der stimmberechtigen the right to appoint or Anteile an der Garantin, dismiss the majority of (B) das Recht, die the management board Mehrheit der Mitglieder of the Guarantor or the des Vorstands der right to exercise Garantin zu bestellen controlling influence oder abzuberufen, oder directly or indirectly (C) das Recht, auf over the Guarantor in sonstige Weise any other way is gained. unmittelbar oder mittelbar einen beherrschenden Einfluss auf die Garantin ausüben zu können, erlangt wird.

(b) If a Change of Control occurs, (b) Tritt ein Kontrollwechsel ein, so then the Issuer shall, without un- teilt die Emittentin dies due delay, after the Guarantor unverzüglich, nachdem die becoming aware thereof, give Garantin davon Kenntnis erlangt notice of the Change of Control (a hat, den Gläubigern gemäß "Change of Control Put Event Ziffer 15 mit (eine Notice") to the Holders in "Kontrollwechsel- accordance with Section 15 Gläubigerwahl- specifying the nature of the Rückzahlungsereignis- Change of Control and the Mitteilung") und gibt dabei die procedure for exercising the Art des Kontrollwechsels und das Change of Control Put Option in dieser Ziffer 6.5 vorgesehene contained in this Section 6.5 Verfahren zur Ausübung des (including the information on the Kontrollwechsel-Gläubiger- Clearing System account of the Rückzahlungswahlrechts an (mit Paying Agent of this Section 6.5). Angaben zum Clearingsystem- Konto der Zahlstelle für die Zwecke dieser Ziffer 6.5).

(c) To exercise the Change of (c) Zur Ausübung des Control Put Option, the Holder Kontrollwechsel-Gläubiger- must deliver on any Business Day Rückzahlungswahlrechts muss within 30 days after a Change of der Gläubiger an einem Control Put Event Notice has Geschäftstag innerhalb von 30 been published (the "Change of Tagen, nachdem die Control Put Period") (i) to the Kontrollwechsel-Gläubiger- Paying Agent at its specified Rückzahlungsereignis- office a duly signed and Mitteilung bekanntgegeben completed notice of exercise in wurde (der "Kontrollwechsel- the then current form obtainable Ausübungszeitraum"), (i) bei from the Paying Agent (a der bezeichneten Geschäftsstelle "Change of Control Put der Zahlstelle eine Notice") and (ii) the aggregate ordnungsgemäß ausgefüllte und Specified Denomination of Notes unterzeichnete for which the Holder wishes to Ausübungserklärung in der exercise its Change of Control jeweils bei der Zahlstelle Put Option either by transferring erhältlichen maßgeblichen Form such Notes to the Clearing einreichen (die System account of the Paying "Kontrollwechsel- Agent or by withdrawal of such Ausübungserklärung") und (ii)

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Notes from such Holder's account Schuldverschreibungen in Höhe in accordance with the des Gesamtbetrags der procedures of the Clearing Festgelegten Stückelung System. The Issuer shall redeem einreichen, für die der Gläubiger or, at its option, purchase (or sein Kontrollwechsel-Gläubiger- procure the purchase of) the Rückzahlungswahlrecht ausüben relevant Note(s) on the date (the möchte, und zwar entweder durch "Change of Control Put Date") Übertragung dieser seven days after the expiration of Schuldverschreibungen auf das the Change of Control Put Period Clearingsystem-Konto der unless previously redeemed or Zahlstelle oder durch purchased and cancelled. Ausbuchung dieser Payment in respect of any Note so Schuldverschreibungen aus dem delivered will be made in Wertpapierdepot des Gläubigers accordance with the customary gemäß den Verfahren des procedures through the Clearing Clearingsystems. Die Emittentin System. A Change of Control Put wird die betreffende(n) Notice, once given, shall be Schuldverschreibung(en) sieben irrevocable. Tage nach Ablauf des Kontrollwechsel- Ausübungszeitraums (der "Kontrollwechsel- Rückzahlungstag") zu- rückzahlen oder nach ihrer Wahl ankaufen (oder ankaufen lassen), soweit sie nicht bereits vorher zurückgezahlt oder angekauft und entwertet wurde(n). Die Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibungen erfolgt gemäß den üblichen Verfahren über das Clearingsystem. Eine einmal abgegebene Kontrollwechsel- Ausübungserklärung ist unwiderruflich.

[If the Notes are subject to Early Redemption in [Falls die Emittentin das Wahlrecht hat, die case of Minimal Outstanding Principal Amount, Schuldverschreibungen vorzeitig bei Geringem the following applies: Ausstehenden Gesamtnennbetrag zurückzuzahlen, gilt Folgendes:

6.6 Early Redemption in Case of Minimal 6.6 Vorzeitige Rückzahlung bei Geringem Outstanding Aggregate Principal Ausstehenden Gesamtnennbetrag der Amount of the Notes Schuldverschreibungen

If [•] per cent. or more of the aggregate Wenn [•] % oder mehr des principal amount of the Notes have been Gesamtnennbetrags der redeemed or purchased by the Issuer or Schuldverschreibungen nach diesem any direct or indirect Subsidiary of the Ziffer 6 von der Emittentin oder einer Issuer pursuant to the provisions of this direkten oder indirekten Section 6, the Issuer may, on not less than Tochtergesellschaft der Emittentin 30 or more than 60 days' notice to the zurückgezahlt oder angekauft wurden, ist Holders given in accordance with die Emittentin berechtigt, nach vorheriger Section 15, redeem, at its option, the Bekanntmachung gegenüber den remaining Notes in whole but not in part Gläubigern gemäß Ziffer 15 mit einer at the principal amount thereof plus Frist von mindestens 30 und höchstens 60 unpaid interest accrued to (but excluding) Tagen nach ihrer Wahl die ausstehenden the date of actual redemption.] Schuldverschreibungen insgesamt, aber nicht teilweise, zum Nennbetrag

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zuzüglich bis zum tatsächlichen Rückzahlungstag (ausschließlich) nicht gezahlter, aufgelaufener Zinsen zurückzuzahlen.]

7. Paying Agent[, Calculation Agent] 7. Zahlstelle[, Berechnungsstelle]

7.1 Appointment; Specified Office 7.1 Bestellung; bezeichnete Geschäftsstelle

The initial Paying Agent [and the initial Die anfänglich bestellte Zahlstelle [und Calculation Agent] and [their][its] initial die anfänglich bestellte specified office[s] shall be: Berechnungsstelle] sowie deren anfänglich bezeichnete[n] Geschäftsstelle[n] [lauten][lautet] wie folgt:

Paying Agent: Zahlstelle:

Citibank Europe PLC Citibank Europe PLC 1 North Wall Quay 1 North Wall Quay Dublin 1 Dublin 1 Ireland Irland

[Calculation Agent: [Berechnungsstelle:

[Citibank Europe PLC [Citibank Europe PLC 1 North Wall Quay 1 North Wall Quay Dublin 1 Dublin 1 Ireland]] Ireland]]

The Paying Agent reserves the right at any Die Zahlstelle behält sich das Recht vor, time to change its specified office to some jederzeit ihre bezeichneten other office in the same country. Geschäftsstellen durch eine andere Geschäftsstelle in demselben Land zu ersetzen.

[The Calculation Agent reserves the right [Die Berechnungsstelle behält sich das at any time to change its specified office.] Recht vor, jederzeit ihre bezeichnete Geschäftsstelle durch eine andere Geschäftsstelle zu ersetzen.]

7.2 Variation or Termination of 7.2 Änderung oder Beendigung der Appointment Bestellung

The Issuer reserves the right at any time to Die Emittentin behält sich das Recht vor, vary or terminate the appointment of the jederzeit die Bestellung der Zahlstelle Paying Agent [or Calculation Agent] and [und der Berechnungsstelle] zu ändern to appoint an additional or other Paying oder zu beenden und eine andere Agent [or another Calculation Agent]. The Zahlstelle [oder andere Issuer shall at all times maintain a Paying Berechnungsstelle] zu bestellen. Die Agent [and a Calculation Agent]. Any Emittentin wird zu jedem Zeitpunkt eine variation, termination, appointment or Zahlstelle [und eine Berechnungsstelle] other change shall only take effect (other unterhalten. Eine Änderung, Beendigung, than in the case of insolvency, when it Bestellung oder ein sonstiger Wechsel shall be of immediate effect) after not less wird nur wirksam (außer im Insolvenzfall, than 30 nor more than 45 days' prior notice in dem eine solche Änderung sofort thereof shall have been given to the wirksam wird), sofern die Gläubiger Holders in accordance with Section 15. hierüber gemäß Ziffer 15 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.

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7.3 Agent of the Issuer 7.3 Erfüllungsgehilfe der Emittentin

The Paying Agent [and the Calculation Die Zahlstelle [und die Agent] and any other agent appointed Berechnungsstelle] und jede andere nach pursuant to Section 7.2) act solely as the Ziffer 7.2 bestellte Zahlstelle handeln agents of the Issuer and do not assume any ausschließlich als Erfüllungsgehilfen der obligations towards or relationship of Emittentin und übernehmen keinerlei agency or trust for, and shall incur no Verpflichtungen, und übernehmen keine liability against, any Holder. The Paying Haftung, gegenüber den Gläubigern und Agent and the Calculation Agent may es wird kein Auftrags- oder engage the advice or services of any Treuhandverhältnis zwischen ihnen und lawyers or other experts whose advice or den Gläubigern begründet. Die Zahlstelle services it deems necessary and may rely [und die Berechnungsstelle] upon any advice so obtained. [Neither [können][kann] den Rat eines oder the][The] Paying Agent [nor the mehrerer Rechtsanwälte oder anderer Calculation Agent] will [not] incur any Sachverständiger einholen, deren liability as against the Issuer, the Beratung oder Dienste sie für notwendig Guarantor or the Holders in respect of any hält, und sich auf eine solche Beratung action taken, or not taken, or suffered to verlassen. Die Zahlstelle [und die be taken, or not taken, in accordance with Berechnungsstelle] such advice in good faith. [übernehmen][übernimmt] keine Haftung gegenüber der Emittentin, der Garantin bzw. den Gläubigern im Zusammenhang mit Handlungen, die in gutem Glauben im Einklang mit einer solchen Beratung getätigt, unterlassen oder geduldet wurden.

8. Taxation 8. Besteuerung

All amounts payable in respect of the Alle in Bezug auf die Notes shall be made, and the Guarantee Schuldverschreibungen zu zahlenden shall provide that all amounts payable in Beträge werden ohne Einbehalt oder respect of such Guarantee shall be made, Abzug von oder aufgrund von without withholding or deduction for or gegenwärtigen oder zukünftigen Steuern on account of any present or future taxes oder Abgaben gleich welcher Art gezahlt, or duties of whatever nature imposed or die von oder im Namen eines Landes, in levied at source by way of withholding or dem die Emittentin bzw. die Garantin deduction by or on behalf of any gegründet wurde, geschäftstätig, jurisdiction in which the Issuer or the steuerlich ansässig oder grundsätzlich mit Guarantor, as applicable, is organised, ihren Nettoeinkünften steuerpflichtig ist engaged in business, resident for tax oder über das oder aus dem Zahlungen auf purposes or generally subject to tax on a die Schuldverschreibungen bzw. die net income basis or through or from which Garantie geleistet werden, oder einer payment on the Notes or the Guarantee, as steuererhebungsberechtigten applicable, is made or any political Gebietskörperschaft oder Steuerbehörde subdivision or any authority thereof or dieses Landes (jeweils eine therein having power to tax (each, a "Maßgebliche Steuerjurisdiktion") im "Relevant Taxing Jurisdiction"), unless Wege des Abzugs oder Einbehalts an der such withholding or deduction is required Quelle auferlegt oder erhoben werden, by law. If such withholding with respect und die Garantie muss entsprechende to amounts payable in respect of the Notes Bestimmungen für alle in Bezug auf diese is required by law, the Issuer will pay, and Garantie zu zahlenden Beträge enthalten, the Guarantee shall provide that, if such es sei denn, ein solcher Abzug oder withholding with respect to amounts Einbehalt ist gesetzlich vorgeschrieben. payable in respect of such Guarantee is Ist ein Einbehalt in Bezug auf zu required by law, the Guarantor will pay, zahlenden Beträge auf die such additional amounts (the "Additional Schuldverschreibungen gesetzlich Amounts") as shall be necessary in order vorgeschrieben, so wird die Emittentin that the net amounts received by the diejenigen zusätzlichen Beträge (die Holders, after such withholding or "Zusätzlichen Beträge") zahlen, die

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deduction shall equal the respective erforderlich sind, damit die den amounts which would otherwise have Gläubigern zufließenden Nettobeträge been receivable in the absence of such nach einem solchen Einbehalt oder Abzug withholding or deduction; except that no jeweils den Beträgen entsprechen, die such Additional Amounts shall be payable ohne einen solchen Einbehalt oder Abzug on account of any taxes or duties which: von den Gläubigern erhalten worden wären - und die Garantie muss eine entsprechende Verpflichtung der Garantin vorsehen, falls ein solcher Einbehalt bei in Bezug auf diese Garantie zu zahlenden Beträge gesetzlich vorgeschrieben ist. Eine Verpflichtung zur Zahlung solcher Zusätzlichen Beträge besteht jedoch nicht für solche Steuern oder Abgaben:

(a) are payable by any Person acting (a) die von einer als Depotbank oder as custodian bank or collecting Inkassobeauftragter im Namen agent on behalf of a Holder, or eines Gläubigers handelnden otherwise in any manner which Person zu entrichten sind oder does not constitute a deduction or sonst auf andere Weise zu withholding by the Issuer or the entrichten sind als dadurch, dass Guarantor, as applicable, from die Emittentin bzw. die Garantin payments of principal or interest von den von ihr zu leistenden made by it, or Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt, oder

(b) are payable by reason of the (b) die aufgrund einer bestehenden Holder having, or having had, oder früheren persönlichen oder some personal or business geschäftlichen Beziehung des connection with the Relevant Gläubigers zur Maßgeblichen Taxing Jurisdiction and not Steuerjurisdiktion zu zahlen sind, merely by reason of the fact that und nicht allein deshalb, weil payments in respect of the Notes Zahlungen auf die Schuld- or the Guarantee, as applicable, verschreibungen bzw. die are, or for purposes of taxation Garantie aus Quellen in der are deemed to be, derived from Maßgeblichen Steuerjurisdiktion sources in, or are secured in, the stammen (oder für Zwecke der Relevant Taxing Jurisdiction, or Besteuerung so behandelt werden) oder dort besichert sind, oder

(c) are deducted or withheld pursuant (c) die aufgrund (i) einer Richtlinie to (i) any European Union oder Verordnung der Directive or Regulation Europäischen Union betreffend concerning the taxation of die Besteuerung von Zinserträgen interest income, or (ii) any oder (ii) zwischenstaatlicher international treaty or Abkommen oder Vereinbarungen understanding relating to such über deren Besteuerung, an denen taxation and to which the die Republik Österreich oder die Republic of Austria or the Europäische Union beteiligt ist, European Union is a party, or (iii) oder (iii) einer gesetzlichen any provision of law Vorschrift, die der Umsetzung implementing, or complying dieser Richtlinie, Verordnung with, or introduced to conform oder dieses Abkommens oder with, such Directive, Regulation, dieser Vereinbarung dient, diesen treaty or understanding, or entspricht oder zur Anpassung an diese eingeführt wurde, abzuziehen oder einzubehalten sind, oder

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(d) would not have been imposed or (d) die nicht erhoben oder withheld but for the failure of the einbehalten worden wären, wenn Holder or beneficial owner of es der Gläubiger oder der Notes (including, for these wirtschaftliche Eigentümer der purposes, any financial institution Schuldverschreibungen (für die through which the Holder or vorliegenden Zwecke beneficial owner holds the Notes einschließlich Finanzinstitute, or through which payment on the über die der Gläubiger oder Notes is made), following a wirtschaftliche Eigentümer die written request by or on behalf of Schuldverschreibungen hält oder the Issuer or the Guarantor über die Zahlungen auf die addressed to the Holder or Schuldverschreibungen erfolgen) beneficial owner (and made at a nicht unterlassen hätte, nach einer time that would enable the Holder an den Gläubiger oder or beneficial owner acting wirtschaftlichen Eigentümer reasonably to comply with that gerichteten schriftlichen request, and in all events, at least Aufforderung der Emittentin, der 30 days before any withholding Garantin oder in deren Namen or deduction would be required), (die so rechtzeitig erfolgt, dass to comply with any certification, der Gläubiger bzw. der identification, information or wirtschaftliche Eigentümer dieser other reporting requirement Aufforderung mit zumutbaren whether required by statute, Anstrengungen nachkommen treaty, regulation or kann, in jedem Fall aber administrative practice of a mindestens 30 Tage, bevor ein Relevant Taxing Jurisdiction, that Einbehalt oder Abzug is a precondition to exemption erforderlich wäre), einer from, or reduction in the rate of aufgrund von Gesetzen, deduction or withholding of, Abkommen, Verordnungen oder taxes imposed by the Relevant der Verwaltungspraxis in einer Taxing Jurisdiction (including, Maßgeblichen Steuerjurisdiktion without limitation, a certification vorgeschriebenen that the Holder or beneficial Bescheinigungs-, owner is not resident in the Identifizierungs-, Informations-, Relevant Taxing Jurisdiction), oder sonstigen Nachweispflicht but in each case, only to the nachzukommen, die extent the Holder or beneficial Voraussetzung für eine Befreiung owner is legally entitled to von in der Maßgeblichen provide such certification, Steuerjurisdiktion erhobenen information or documentation, or Steuern oder eine Reduzierung der Höhe des Abzugs oder Einbehalts solcher Steuern ist (u.a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Maßgeblichen Steuerjurisdiktion ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen oder

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accordance with Section 15, aller fälligen Beträge und einer whichever occurs later, or nor diesbezüglichen shall any Additional Amounts be Bekanntmachung gemäß paid with respect to any payment Ziffer 15 wirksam wird, zudem on a Note to a Holder who is a werden keine Zusätzlichen fiduciary or partnership or who is Beträge im Hinblick auf other than the sole beneficial Zahlungen auf die owner of such payment to the Schuldverschreibungen an einen extent such payment would be Gläubiger gezahlt, welcher die required by the laws of the Zahlung als Treuhänder oder Relevant Taxing Jurisdiction to Personengesellschaft oder als be included in the income, for tax sonstiger nicht alleiniger purposes, of a beneficiary or wirtschaftlicher Eigentümer der settlor with respect to such Zahlung erhält, soweit nach den fiduciary or a member of such Gesetzen der Maßgeblichen partnership or a beneficial owner Steuerjurisdiktion eine solche who would not have been entitled Zahlung für Steuerzwecke dem to such Additional Amounts had Einkommen des Begünstigten such beneficiary, settlor, member bzw. Gründers eines or beneficial owner been the Treuhandvermögens oder eines Holder of the Note. For the Gesellschafters der avoidance of doubt, the Personengesellschaft withholding tax zugerechnet würde, der jeweils (Kapitalertragsteuer) currently selbst nicht zum Erhalt von levied in the Federal Republic of Zusätzlichen Beträgen berechtigt Germany at the level of the gewesen wäre, wenn der custodian bank and the solidarity Begünstigte, Gründer eines surcharge (Solidaritätszuschlag) Treuhand-vermögens, imposed thereon pursuant to tax Gesellschafter oder law as in effect as of the Issue wirtschaftliche Eigentümer selbst Date do not constitute a tax or Gläubiger der duty as described above in Schuldverschreibungen wäre. respect of which Additional Zur Klarstellung wird Amounts would be payable by festgehalten, dass die the Issuer. gegenwärtig in der Bundesrepublik Deutschland gemäß dem zum Begebungstag geltenden Steuerrecht auf der Ebene der Depotbank erhobene Kapitalertragsteuer und der darauf anfallende Solidaritätszuschlag keine Steuern oder Abgaben der vorstehend beschriebenen Art darstellen, für die von der Emittentin Zusätzliche Beträge zu zahlen wären.

9. Presentation Period 9. Vorlegungsfrist

The presentation period provided in Die in § 801 Abs. 1 Satz 1 BGB section 801 paragraph 1, sentence 1 bestimmte Vorlegungsfrist wird für die German Civil Code (Bürgerliches Schuldverschreibungen auf zehn Jahre Gesetzbuch) is reduced to ten years for the verkürzt. Notes.

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10. Events of Default 10. Kündigungsgründe

10.1 Events of Default 10.1 Kündigungsgründe

If an Event of Default occurs and is Tritt ein Kündigungsgrund ein und dauert continuing, each Holder shall be entitled dieser an, so ist jeder Gläubiger to declare due and payable by submitting berechtigt, seine sämtlichen Forderungen a Termination Notice pursuant to aus den Schuldverschreibungen durch Section 10.2 to the Paying Agent its entire Abgabe einer Kündigungserklärung claims arising from the Notes and demand gemäß Ziffer 10.2 gegenüber der immediate redemption thereof at the Zahlstelle fällig zu stellen und deren principal amount together with accrued unverzügliche Rückzahlung zu ihrem interest (if any) to (but excluding) the date Nennbetrag, zuzüglich etwaiger bis zum of repayment. Each of the following is an Tage der Rückzahlung (ausschließlich) "Event of Default": aufgelaufener Zinsen zu verlangen. Jedes der folgenden Ereignisse stellt einen "Kündigungsgrund" dar:

(a) the Issuer or, failing which, the (a) die Emittentin oder, falls diese Guarantor fails to pay principal, nicht leistet, die Garantin zahlt interest or any other amounts due auf die Schuldverschreibungen under the Notes or the Guarantee bzw. die Garantie fällige Kapital- within 7 Business Days from the oder Zinsbeträge oder sonstige relevant due date; or Beträge nicht innerhalb von 7 Geschäftstagen nach Fälligkeit; oder

(b) the Guarantor breaches any of its (b) die Garantin gegen eine ihrer obligations in the Guarantee Verpflichtungen in der Garantie corresponding to Section 3 of the verstößt, die der Ziffer 3 der Terms and Conditions; or Emissions bedingungen entspricht; oder

(c) the Issuer or the Guarantor fails to (c) die Emittentin oder die Garantin duly perform any other material erfüllt irgendeine andere obligation arising from the Notes wesentliche Verpflichtung aus or the Guarantee and such failure, den Schuldverschreibungen bzw. if capable of remedy, continues der Garantie nicht und die unremedied for more than 30 Nichterfüllung dauert, sofern sie days after the Paying Agent has geheilt werden kann, jeweils received a written request thereof länger als 30 Tage fort, nachdem in the manner set forth in die Zahlstelle eine schriftliche Section 10.2 from a Holder to Aufforderung in der in perform such obligation; or Ziffer 10.2 vorgesehenen Art und Weise von einem Gläubiger erhalten hat, die Verpflichtung; oder

(d) a liability of the Issuer or the (d) eine von einem (Schieds-)Gericht Guarantor or one of their oder einer Verwaltungsbehörde respective Material Subsidiaries rechtskräftig festgestellte und which relates to an amount of at vollstreckbare Schuld der least EUR 50 million (or the Emittentin oder der Garantin oder equivalent in another currency) einer ihrer jeweiligen and that has been determined to Wesentlichen be enforceable by a court (of Tochtergesellschaften mit einem arbitration) or an administrative Mindestbetrag in Höhe von authority is not settled and such EUR 50 Mio (oder dem default continues for more than 4 Gegenwert in einer anderen weeks; for the avoidance of Währung) wird nicht erfüllt und doubt, monetary claims against diese Nichterfüllung dauert

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the Issuer or the Guarantor or one länger als 4 Wochen an; zur of their respective Material Vermeidung von Subsidiaries by way of a security Missverständnissen wird execution pursuant to §§ 370 et festgehalten, dass seq. of the Austrian Enforcement Geldforderungen gegenüber der Regulation (österreichischen Emittentin oder der Garantin oder Exekutionsordnung) will not be einer ihrer jeweiligen deemed to be legally established Wesentlichen and enforceable; or Tochtergesellschaften durch eine Sicherstellungsexekution gemäß §§ 370 ff. der österreichischen Exekutionsordnung nicht als rechtskräftig festgestellt und vollstreckbar gelten; oder

(e) a security provided for a liability (e) eine für eine Verbindlichkeit der of the Issuer or the Guarantor is Emittentin oder der Garantin enforced and the ability of the bestellte Sicherheit wird Issuer or the Guarantor to service verwertet und es kommt dadurch their obligations under the Notes zu einer wesentlichen or the Guarantee is materially Beeinträchtigung der Fähigkeit impaired thereby; or der Emittentin oder der Garantin, ihre Verbindlichkeiten aus den Schuldverschreibungen oder der Garantie zu bedienen; oder

(f) the Issuer, Guarantor or any (f) die Emittentin, die Garantin oder Material Subsidiary announces eine Wesentliche its inability to meet its financial Tochtergesellschaft gibt ihre obligations or ceases its payments Zahlungsunfähigkeit bekannt generally; or oder stellt ihre Zahlungen generell ein; oder

(g) insolvency proceedings against (g) gegen die Emittentin, die the Issuer, the Guarantor or any Garantin oder eine Wesentliche Material Subsidiary are instituted Tochtergesellschaft wird ein and have not been discharged or Insolvenzverfahren eingeleitet stayed within 60 days, or the und nicht innerhalb von 60 Tagen Issuer, the Guarantor or any aufgehoben oder ausgesetzt, oder Material Subsidiary applies for or die Emittentin, die Garantin oder institutes such proceedings; or eine Wesentliche Tochtergesellschaft beantragt die Eröffnung eines solchen Verfahrens oder leitet ein solches

(h) the Issuer or the Guarantor or a (h) die Emittentin oder die Garantin Material Subsidiary (i) ceases all oder eine Wesentliche or substantially all of its business Tochtergesellschaft (i) ihre activities, or (ii) sells or otherwise Geschäftstätigkeit ganz oder disposes of all or substantially all überwiegend einstellt, oder (ii) of its assets, or (iii) enters into alle oder wesentliche Teile ihrer transactions with affiliated Vermögenswerte veräußert oder companies that are illegal or not anderweitig abgibt, oder (iii) at arm's length at the expense of unrechtmäßig oder zu Lasten der the Issuer or the Guarantor, or (iv) Emittentin oder der Garantin the entire assets or a substantial nicht fremdübliche Geschäfte mit part of the assets of the Issuer or verbundenen Unternehmen the Guarantor or a Material abschließt, oder (iv) das gesamte subsidiary are expropriated or Vermögen oder ein wesentlicher threatened, and as a result of (i) to Teil der Vermögensgegenstände (iv) the assets, financial position der Emittentin oder der Garantin

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and results of operations of the oder einer Wesentlichen Issuer or the Guarantor Tochtergesellschaft enteignet deteriorate materially; or wird oder angedroht wird, und sich aufgrund der Punkte (i) bis (iv) die Vermögens-, Finanz- und Ertragslage der Emittentin oder der Garantin wesentlich verschlechtert; oder

(i) the Issuer or the Guarantor or a (i) die Emittentin oder die Garantin Material Subsidiary enters into oder eine Wesentliche liquidation, except in the event of Tochtergesellschaft in a merger or other form of merger Liquidation tritt, es sei denn, dies or restructuring and all geschieht im Zusammenhang mit obligations under such Notes einer Verschmelzung oder einer have been assumed by the other anderen Form des or new entity and the Zusammenschlusses oder einer creditworthiness of such entity is Umstrukturierung und sämtliche equal to or greater than that of the Verpflichtungen aus diesen Issuer or the Guarantor (as Schuldverschreibungen von der applicable). anderen oder neuen Gesellschaft übernommen wurden und die Kreditwürdigkeit dieser Gesellschaft gleich oder höher als die der Emittentin oder der Garantin (wie jeweils anwendbar) ist.

10.2 Termination Notices 10.2 Kündigungserklärungen

Any notice by a Holder (a) in accordance Eine Erklärung eines Gläubigers (a) with Section 10.1(b) or (b) to terminate its gemäß Ziffer 10.1(b) oder (b) zur Notes in accordance with Section 10 (a Kündigung seiner Schuldverschreibungen "Termination Notice") shall be made by gemäß Ziffer 10 (eine means of a declaration in text form "Kündigungserklärung") hat in der (Textform) to the Paying Agent in the Weise zu erfolgen, dass der Gläubiger der English language delivered together with Zahlstelle eine entsprechende Erklärung evidence by means of a certificate of the in Textform in englischer Sprache Holder's Custodian (as defined in übermittelt und dabei durch eine Section 17.3) that such Holder, at the time Bescheinigung seiner Depotbank (wie in of such Termination Notice, is a holder of Ziffer 17.3 definiert) nachweist, dass er the relevant Notes. die betreffenden Schuldverschreibungen zum Zeitpunkt der Kündigungserklärung hält.

10.3 Cure 10.3 Heilung

For the avoidance of doubt, the right to Zur Klarstellung wird festgehalten, dass declare Notes due in accordance with this das Recht zur Kündigung der Section 10 shall terminate if the situation Schuldverschreibungen gemäß dieser giving rise to it has been cured before the Ziffer 10 erlischt, falls der right is exercised. Kündigungsgrund vor Ausübung des Rechts geheilt wurde.

11. Covenants 11. Verpflichtungserklärungen

11.1 Maintenance of Loan-to-Value Ratio 11.1 Aufrechterhaltung des Loan-to-Value Ratio The Guarantor has undertaken in the Guarantee to maintain a Loan-to-Value Die Garantin hat sich in der Garantie Ratio of no more than 60%. verpflichtet, ein Loan-to-Value Ratio von

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Notwithstanding any other rights under nicht mehr als 60 % einzuhalten. Sollte der these Terms and Conditions, should the Loan-to-Value Ratio 60% überschreiten Loan-to-Value Ratio exceed 60% and not und dieser nicht binnen sechs Monaten ab be reduced to a maximum of 60% within dem Stichtag des konsolidierten six months of the effective date (Stichtag) Jahresabschlusses oder of either the most recent annual Halbjahresberichts (jeweils des jüngeren), Consolidated Financial Statements or aus welchem sich die Überschreitung half-year report which evidences the ergibt, auf maximal 60 % reduziert und excess and should this reduction not - diese Reduzierung nicht binnen der within such period of time - be confirmed genannten Frist von einem to have occurred by an external auditor, on Wirtschaftsprüfer bestätigt werden, ist die the basis of the Guarantee, the Guarantor Garantin auf Grundlage der Garantie shall - within six months - undertake verpflichtet, unbeschadet der sonstigen appropriate and reasonable commercially Rechte in diesen Emissionsbedingungen, viable measures (e.g., the disposal of dass innerhalb von sechs Monaten assets), to reduce the Loan-to-Value Ratio geeignete und wirtschaftlich sinnvolle to a maximum of 60%. Until the Loan-to- Maßnahmen (z.B. über Objektverkäufe) Value Ratio has been reduced to a von der Garantin ergriffen werden, um maximum of 60%, the Guarantor shall not den Loan-to-Value Ratio auf maximal 60 distribute any dividends to its % zurückzuführen. Bis zur shareholders. Wiederherstellung des Loan-to-Value Ratio von maximal 60 % wird die Garantin dafür Sorge tragen, dass eine Dividendenausschüttung an die Aktionäre der Garantin unterbleibt.

[If the Notes are subject to a Disposal of Core [Falls die Emittentin eine Teiltilgung bei Properties, Partial Redemption, the following Veräußerung von Kernliegenschaften applies: sicherzustellen hat, gilt Folgendes:

11.2 Disposal of Core Properties, Partial 11.2 Veräußerung von Kernliegenschaften, Redemption Teiltilgung

(a) The Guarantor is directly or (a) Die Garantin ist direkt oder indirectly (especially via its indirekt (insbesondere über ihre Subsidiaries) the sole or majority Tochtergesellschaften) Allein- owner of the following core oder Mehrheitseigentümerin der properties: [•] (the "Core folgenden Kernliegenschaften: Properties"). [•] (die "Kernliegenschaften").

(b) If the Guarantor (or the relevant (b) Sollte die Garantin (oder die Subsidiary, which is the sole or jeweilige Tochtergesellschaft, die majority owner of the Core Allein- oder Properties), disposes one or more Mehrheitseigentümerin der Core Properties until full Kernliegenschaften ist) bis zur redemption of the Notes vollständigen Rückzahlung der (together, the "Properties at Schuldverschreibungen eine oder Disposal") in whole or in part and mehrere Kernliegenschaften thus, would be no more the direct (gemeinsam, die or indirect majority owner of the "Veräußerungsliegenschaften") Core Properties (a "Disposal", ganz oder teilweise veräußern whereby a charge of a Core und dadurch nicht mehr direkte Properties which, if deducted oder indirekte from the fair value of the Core Mehrheitseigentümerin der Properties as determined by an Kernliegenschaft sein (ein expert opinion within the most "Veräußerungsfall", wobei eine recent balance sheet, would result Belastung einer in a value less than the Allocated Kernliegenschaft, die dazu führt, Notes Amount (as defined below) dass der Wert der allocated to the Core Properties at Kernliegenschaft bei Abzug der

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the time of the disposal, also Belastung vom im Rahmen der constitutes a Disposal) the letzten Bilanz gutachtlich Guarantor has undertaken in the festgestellten Verkehrswert Guarantee to effect such a dieser Kernliegenschaft geringer disposal (or to have such a ist als der ihr im Zeitpunkt des disposal effected by the relevant Veräußerungsfalls zugeordnete Subsidiary) only at a purchase Allocated Notes Amount (wie price at least equal to the sum of nachstehend definiert), ebenfalls (i) the amount necessary in einen Veräußerungsfall darstellt), connection with the relevant Core hat sich die Garantin in der Properties to satisfy or secure the Garantie verpflichtet, eine solche non-subordinated creditors of the Veräußerung nur zu einem relevant seller of the Core Kaufpreis vorzunehmen (oder Properties and (ii) the amount of durch die jeweilige all liabilities ranking equally with Tochtergesellschaft vornehmen an Allocated Notes Amount zu lassen), der zumindest der entered into by the Issuer or a Summe aus (i) dem Betrag, der financing company controlled by im Zusammenhang mit der the Guarantor to finance the jeweiligen Kernliegenschaft für relevant Core Properties. die Befriedigung oder Sicherstellung der nicht nachrangigen Gläubiger des jeweiligen Veräußerers der Kernliegenschaft erforderlich ist, und (ii) dem Betrag aller gleichrangigen Verbindlichkeiten mit einem Allocated Notes Amount, die zur Finanzierung der jeweiligen Kernliegenschaft von der Emittentin oder einer von der Garantin beherrschten Finanzierungsgesellschaft eingegangen worden sind, entspricht.

(c) The Issuer will notify the Holders (c) Die Emittentin wird die of any Disposal within 14 Gläubiger über einen (fourteen) Business Days in Veräußerungsfall innerhalb von accordance with Section 15 and 14 (vierzehn) Geschäftstagen will redeem a part of the principal gemäß Ziffer 15 unterrichten und amount of the Notes einen dem Allocated Notes corresponding to the Allocated Amount der jeweiligen Notes Amount of the relevant Veräußerungsliegenschaft Property at Disposal at the end of entsprechenden Teil des the month, providing three Nennbetrags der months' notice. Schuldverschreibungen unter Einhaltung einer Frist von drei Monaten zum Monatsende zum Nennbetrag tilgen.

(d) The "Allocated Notes Amount" (d) Der "Allocated Notes Amount" of Core Properties with regard to einer Kernliegenschaft entspricht the Notes with an aggregate in Bezug auf die principal amount of [•] Schuldverschreibungen mit corresponds, to the amounts einem Gesamtnennbetrag von [•] listed in the following table. If the den in der folgenden Tabelle aggregate principal amount of the aufgeführten Werten. Falls der Notes outstanding increases or ausstehende Gesamtnennbetrag decreases, the Allocated Notes der Schuldverschreibungen sich Amounts will increase or erhöht oder verringert, verringern

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decrease in the same proportion oder erhöhen sich auch die as the aggregate principal amount Allocated Notes Amounts in of the Notes increased or jenem Verhältnis, in dem der decreased in relation to the erhöhte oder verringerte aggregate principal amount prior Gesamtnennbetrag zum to such an increase or decrease. Gesamtnennbetrag vor der Erhöhung oder Verringerung steht.

If, in the event of a partial Sollte im Falle einer Teiltilgung redemption, the Allocated Notes der Allocated Notes Amount Amount of a Property at Disposal einer Veräußerungsliegenschaft would exceed the outstanding über dem noch ausstehenden aggregate principal amount of the Gesamtnennbetrag der Notes, the Allocated Notes Schuldverschreibungen liegen, so Amount shall be reduced to the reduziert sich der Allocated outstanding aggregate principal Notes Amount auf den noch amount of the Notes. ausstehenden Gesamtnennbetrag der Schuldverschreibungen.

(e) The Guarantor has undertaken in (e) Die Garantin hat sich in der the Guarantee in a Disposal to Garantie verpflichtet, im transfer an amount of the Veräußerungsfall einen dem proceeds of the disposal of the Allocated Notes Amount Property at Disposal (which is entsprechenden Teil des equal to the Allocated Notes Veräußerungserlöses der Amount) to the account of an Veräußerungsliegenschaft auf independent trustee, who will das Konto eines unabhängigen release such amount only for a Treuhänders zu überweisen, partial redemption in accordance welcher diesen Betrag with Section 11.2(c). ausschließlich für eine Teiltilgung gemäß Ziffer 11.2(c) freigeben wird.

Kernliegenschaft Allocated Notes Amount Core Property Allocated Notes Amount [•] [•] [•]] [•]]

[If the Notes are subject to a Maintenance of [Falls die Emittentin die Fortwährende Listing Covenant, the following applies: Notierung der Schuldverschreibungen sicherzustellen hat, gilt Folgendes:

11.3 Maintenance of Listing2 11.3 Fortwährende Notierung2

The Issuer will use commercially Die Emittentin verpflichtet sich, so lange reasonable efforts to obtain and maintain wie die Schuldverschreibungen the listing of the Notes on [•][the regulated ausstehend sind, wirtschaftlich market of the Luxembourg Stock angemessene Anstrengungen zu Exchange], which is a regulated market unternehmen um die for the purposes of the Markets in Schuldverschreibungen am [•][regulierten Financial Instruments Directive Markt der Luxemburger Börse], welcher 2014/65/EU ("MiFID II"),for so long as ein geregelter Markt im Sinne der Märkte such Notes are outstanding; provided that für Finanzinstrumente Richtlinie if the Issuer is unable to obtain such listing 2014/65/EU ("MiFID II") ist, notieren zu or if at any time the Issuer determines that lassen und diese Notierung zu erhalten.

2 Amend numbering of subsection if previous sub-section(s) is/are deleted 2 Nummerierung der Unterabschnitte anpassen, falls ein oder mehrere vorherige Unterabschnitt(e) gelöscht wurden

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it will not maintain such listing, it will Falls die Emittentin nicht in der Lage ist, obtain (where the Notes are initially so eine solche Notierung aufrechtzuerhalten listed, prior to the delisting of the Notes oder sich entschließt diese Notierung nicht from the [•]), and thereafter use its best aufrechtzuerhalten, wird sie, vor der efforts to maintain, a listing of such Notes Aufhebung der Notierung am [•] sich nach on another regulated market (within the besten Kräften bemühen die meaning of MiFID II) of.] Schuldverschreibungen an einem anderen geregelten Markt (im Sinne von MiFID II) notieren zu lassen.]

11.4 Provision of Additional Guarantees3 11.4 Bestellung zusätzlicher Garantien3

(a) The Guarantor has undertaken in (a) Die Garantin hat sich in der the Guarantee to procure that the Garantie verpflichtet dafür Sorge Guarantor's Subsidiaries shall zu tragen, dass die not, directly or indirectly, Tochtergesellschaften der guarantee, assume or in any other Garantin, weder direkt noch manner become liable for the indirekt, payment of any Capital Market Kapitalmarktverbindlichkeiten Indebtedness of the Guarantor or der Garantin oder anderer any other Subsidiary, unless such Tochtergesellschaften der Subsidiary simultaneously Garantin garantieren oder in guarantees for the due payment of sonstiger Weise diese all amounts payable under any übernehmen oder für sie Notes on substantially the same einstehen, es sei denn, dass diese terms as under the guarantee of Tochtergesellschaften such Capital Market gleichzeitig die Zahlung aller Indebtedness. fälligen Zahlungsverpflichtungen im Zusammenhang mit den Schuldverschreibungen in substantiell derselben Weise garantieren wie unter der jeweils übernommenen Garantie für Kapitalmarktverbindlichkeiten.

(b) In addition, notwithstanding (b) Zusätzlich und unbeschadet jeder anything to the contrary herein no abweichenden Regelung wird additional guarantee as provided keine zusätzliche Garantie, wie in for under paragraph (a) above Absatz (a) vorgesehen, zu stellen shall be required if such sein, falls vernünftigerweise guarantee could reasonably be davon auszugehen ist, dass diese expected to give rise to or result Garantie in (i) einer persönlichen in (i) personal liability for the Haftung der Geschäftsleitung officers, directors or shareholders oder Gesellschafter der of the relevant Subsidiary, (ii) betroffenen Tochtergesellschaft any violation of applicable law münden könnte, (ii) einen nicht that cannot be avoided or durch angemessene und der otherwise prevented through Garantin oder Tochter- measures reasonably available to gesellschaft zur Verfügung the Guarantor or such Subsidiary stehenden Mittel vermeidbaren or (iii) any significant cost, Verstoß gegen anwendbares expense, liability or obligation Recht nach sich ziehen würde (including with respect of any oder (iii) signifikante Kosten, taxes) other than reasonable out Ausgaben, Haftungen oder of pocket expenses and other than Verbindlichkeiten (einschließlich reasonable expenses incurred in Steuern) mit Ausnahme connection with any angemessener Auslagen im

3 Amend numbering of subsection if previous sub-section(s) is/are deleted 3 Nummerierung der Unterabschnitte anpassen, falls ein oder mehrere vorherige Unterabschnitt(e gelöscht wurden

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governmental or regulatory Zusammenhang mit staatlichen filings required as a result of, or oder regulatorischen any measures undertaken in Eintragungen in Folge der connection with, such guarantee. Garantie oder sonstiger hierdurch notwendiger Maßnahmen, entstehen würden.

11.5 Reports4 11.5 Berichte4

The Guarantor has undertaken in the Die Garantin hat sich in der Garantie Guarantee that for so long as any Notes are verpflichtet, dass solange outstanding, the Guarantor shall publish Schuldverschreibungen ausstehen, die on its website in a password protected Garantin die folgenden Angaben auf ihrer space, Homepage in einem passwortgeschützten Bereich veröffentlicht:

(a) within 120 days after the end of (a) innerhalb von 120 Tagen nach each of the Guarantor's fiscal dem Ende des Geschäftsjahres years, annual reports containing der Garantin einen the following information: Geschäftsbericht mit den folgenden Angaben:

(i) audited Consolidated (i) einem geprüften Financial Statements in Konzernabschluss nach accordance with IFRS as den in der EU adopted by the EU and anwendbaren the consolidated International Financial management report in Reporting Standards accordance with (IFRS) und einen section 267 of the Konzernlagebericht nach Austrian Commercial § 267 österreichische Code Unternehmensgesetzbuc (Unternehmensgesetzbu h ("UGB"); ch);

(ii) in addition to the (ii) zusätzlich zu den requirements of IFRS Anforderungen nach and of the Austrian IFRS und Commercial Code österreichischen UGB (Unternehmensgesetzbu soll der ch) the consolidated Konzernlagebericht management report Angaben enthalten über should include die Einhaltung der information on Verpflichtungserklärung compliance by the in Ziffern 11.1 und Guarantor with the covenant in Section 11.1; and

(iii) the audit opinion of the (iii) dem independent auditors on Bestätigungsvermerk the Consolidated des Abschlussprüfers Financial Statements; zum Konzernabschluss;

4 Amend numbering of subsection if previous sub-section(s) is/are deleted 4 Nummerierung der Unterabschnitte anpassen, falls ein oder mehrere vorherige Unterabschnitt(e gelöscht wurden

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consolidated semi-annual einen ungeprüften verkürzten financial statements in Konzern-Zwischenabschluss accordance with IFRS as adopted nach den in der EU anwendbaren by the EU and IAS 34, which will IFRS und IAS 34, der Angaben include information on über die Einhaltung der compliance with the covenant in Verpflichtungserklärung in der Section 11.1; and/or, where Ziffer 11.1 enthält, und/oder, applicable, confirmations of soweit anwendbar, Bestätigungen compliance; and hinsichtlich der Einhaltung; und

(c) promptly upon the occurrence of (c) unverzüglich nach dem Eintritt any event material to the interest eines Ereignisses, welches die of the Holders in respect of the Interessen der Gläubiger Guarantor and its Subsidiaries, materiell tangiert, Informationen information on such event. bezüglich dieses Ereignisses.

12. Substitution, Transfer of Domicile 12. Ersetzung, Sitzverlegung

12.1 Substitution 12.1 Ersetzung

The Issuer may, without the consent of the Die Emittentin ist berechtigt, wenn kein Holders, if no payment of principal of or Zahlungsverzug hinsichtlich Kapital oder interest on any of the Notes is in default, Zinsen auf die Schuldverschreibungen at any time substitute for the Issuer the vorliegt, jederzeit ohne die Zustimmung Guarantor or any Affiliate of the der Gläubiger die Garantin oder ein mit Guarantor as principal debtor in respect of der Garantin Verbundenes Unternehmen all obligations arising from or in an ihrer Stelle als Hauptschuldnerin (die connection with these Notes (the "Nachfolgeschuldnerin") für alle "Substitute Debtor") provided that: Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen einzusetzen, vorausgesetzt, dass:

(a) the Substitute Debtor, in a (a) die Nachfolgeschuldnerin alle manner legally effective, assumes Verpflichtungen der Emittentin all obligations of the Issuer in im Zusammenhang mit den respect of the Notes; Schuldverschreibungen rechtswirksam übernimmt;

(b) the Guarantor (provided that the (b) die Garantin (falls die Garantin Guarantor is not the Substitute nicht selbst die Debtor) declares that its Nachfolgeschuldnerin ist) erklärt, Guarantee shall with respect to dass ihre Garantie im the Notes also apply to the Zusammenhang mit den Substitute Debtor (each such Schuldverschreibungen auch auf declaration a "Substitution die Nachfolgeschuldnerin Guarantee"); Anwendung findet (jede solche Erklärung eine "Ersetzungsgarantie");

(c) the obligations under the (c) die Verpflichtungen aus der Guarantee will not be limited in Garantie in keiner Weise any way solely as a consequence lediglich deshalb beschränkt sind, of the Issuer being substituted by weil die Emittentin durch die the Substitute Debtor; Nachfolgeschuldnerin ersetzt wurde;

(d) the Substitute Debtor, the Issuer (d) die Nachfolgeschuldnerin, die and the Guarantor (provided that Emittentin und die Garantin (falls the Guarantor is not the die Garantin nicht selbst die Substitute Debtor) have obtained Nachfolgeschuldnerin ist) alle für

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all necessary governmental and die Ersetzung und für die regulatory approvals and Übernahme einer consents for such substitution and Ersetzungsgarantie durch die for the issue by the Guarantor Garantin (falls die Garantin nicht (provided that the Guarantor is selbst die Nachfolgeschuldnerin not the Substitute Debtor) of a ist) notwendigen Substitution Guarantee, that the Genehmigungen und Substitute Debtor has obtained all Zustimmungen von staatlichen necessary governmental and Stellen und Aufsichtsbehörden regulatory approvals and erhalten haben, die consents for the performance by Nachfolgeschuldnerin alle für die the Substitute Debtor of its Erfüllung ihrer Verpflichtungen obligations under the Notes and aus den Schuldverschreibungen that all such approvals and notwendigen Genehmigungen consents are in full force and und Zustimmungen von effect and that the obligations staatlichen Stellen und assumed by the Substitute Debtor Aufsichtsbehörden erhalten hat in respect of the Notes and the und weiterhin sämtliche dieser obligations assumed by the Genehmigungen und Guarantor (provided that the Zustimmungen in vollem Guarantor is not the Substitute Umfang gültig und wirksam sind Debtor) under its Substitution und zudem die Verpflichtungen Guarantee are, in each case, valid der Nachfolgeschuldnerin aus and binding in accordance with den Schuldverschreibungen und their respective terms and die von der Garantin (falls die enforceable by each Holder; Garantin nicht selbst die Nachfolgeschuldnerin ist) aus ihrer Ersetzungsgarantie übernommenen Verpflichtungen jeweils gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch jeden Gläubiger durchsetzbar sind;

(e) the Substitute Debtor can transfer (e) die Nachfolgeschuldnerin alle für to the Paying Agent in the die Erfüllung der currency required and without Zahlungsverpflichtungen aus den being obligated to deduct or Schuldverschreibungen withhold any taxes or other duties erforderlichen Beträge in der of whatever nature levied by the erforderlichen Währung an die country in which the Substitute Zahlstelle überweisen kann, ohne Debtor or the Issuer or the zum Abzug oder Einbehalt von Guarantor (provided that the Steuern oder sonstigen Abgaben Guarantor is not the Substitute gleich welcher Art verpflichtet zu Debtor) has its domicile or tax sein, die in dem Land erhoben residence, all amounts required to werden, in dem die meet the payment obligations Nachfolgeschuldnerin, die arising under the Notes; Emittentin oder die Garantin (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist) ihren Sitz hat oder steuerlich ansässig ist;

(f) the Substitute Debtor has agreed (f) die Nachfolgeschuldnerin sich to indemnify and hold harmless verpflichtet hat, jeden Gläubiger each Holder against any tax, duty, hinsichtlich solcher Steuern, assessment or governmental Abgaben, Festsetzungen oder charge imposed on such Holder behördlichen Lasten freizustellen, die einem

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in respect of such substitution; Gläubiger im Zusammenhang mit and der Ersetzung auferlegt werden; und

(g) the Issuer shall have delivered to (g) die Emittentin einem zu diesem an agent appointed for that Zweck bestellten Beauftragten purpose one Opinion of Counsel ein Rechtsgutachten bezüglich for each jurisdiction affected of jeder betroffenen Rechtsordnung lawyers of recognised standing to von anerkannten Rechtsanwälten the effect that subparagraphs (a) vorgelegt hat, das bestätigt, dass to (f) above have been satisfied. die Bestimmungen in den vorstehenden Absätzen (a) bis (f) erfüllt wurden.

For purposes of this Section 12, Für die Zwecke dieser Ziffer 12 "Affiliate" shall mean any bezeichnet "Verbundenes affiliated company (verbundenes Unternehmen" ein verbundenes Unternehmen) within the Unternehmen im Sinne von meaning of §189a of the Austrian §189a österreichisches Commercial Code (UGB). Unternehmensgesetzbuch (UGB).

12.2 Notice 12.2 Bekanntmachung

Any substitution of the Issuer pursuant to Jede Ersetzung der Emittentin gemäß this Section 12 and the date of dieser Ziffer 12 sowie das Datum, an dem effectiveness of such substitution shall be die Ersetzung wirksam wird, ist gemäß published in accordance with Section 15. Ziffer 15 bekannt zu geben.

12.3 Change of References 12.3 Änderung von Bezugnahmen

Upon effectiveness of the substitution any Mit Wirksamwerden der Ersetzung gilt reference in these Terms and Conditions jede Bezugnahme in diesen to the Issuer shall from then on be deemed Emissionsbedingungen auf die Emittentin to refer to the Substitute Debtor and any ab dem Zeitpunkt der Ersetzung als reference to the Relevant Taxing Bezugnahme auf die Jurisdiction with respect to the Issuer shall Nachfolgeschuldnerin und jede from then on be deemed to refer to the Bezugnahme auf die Maßgebliche Relevant Taxing Jurisdiction with respect Steuerjurisdiktion im Hinblick auf die to the Substitute Debtor. Furthermore, in Emittentin gilt ab diesem Zeitpunkt als the event of such substitution, Bezugnahme auf die Maßgebliche Section 10.1(a) shall be deemed to be Steuerjurisdiktion im Hinblick auf die amended to the effect that it shall be an Nachfolgeschuldnerin. Des Weiteren gilt Event of Default if a Substitution im Fall einer Ersetzung Ziffer 10.1(a) als Guarantee ceases to be valid or binding on in der Form geändert, dass als or enforceable against the Guarantor Kündigungsgrund gilt, wenn eine (provided that the Guarantor is not itself Ersetzungsgarantie nicht mehr wirksam the Substitute Debtor). oder rechtsverbindlich für die Garantin ist oder nicht mehr gegen die Garantin durchsetzbar ist (falls die Garantin nicht selbst die Nachfolgeschuldnerin ist).

12.4 Release from Obligations 12.4 Schuldbefreiung

Upon effective substitution of the Issuer Nach wirksamer Ersetzung der Emittentin as set forth in this Section 12, the Issuer gemäß dieser Ziffer 12 ist die Emittentin shall be released from any obligation von allen Verpflichtungen aus oder im arising from or in connection with the Zusammenhang mit den Notes. Schuldverschreibungen befreit.

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12.5 Further Substitution 12.5 Weitere Ersetzungen

At any time after a substitution pursuant to Die Nachfolgeschuldnerin ist jederzeit Section 12.1 above, the Substitute Debtor nach einer Ersetzung gemäß vorstehender may, without the consent of the Holders, Ziffer 12.1 berechtigt, ohne die effect a further substitution provided that Zustimmung der Gläubiger eine weitere all the provisions specified in Ersetzung vorzunehmen, wobei alle Sections 12.1 to 12.4 above shall apply, Bestimmungen der vorstehenden mutatis mutandis, and, without limitation, Ziffern 12.1 bis 12.4 sinngemäß references in these Terms and Conditions Anwendung finden und, ohne hierauf to the Issuer shall, where the context so beschränkt zu sein, Bezugnahmen in requires, be deemed to be or include diesen Emissionsbedingungen auf die references to any such further Substitute Emittentin, sofern der Zusammenhang Debtor; provided that in no event shall any dies verlangt, als Bezugnahmen bzw. auch substitution under this Section 12 have the als Bezugnahmen auf jede weitere effect of releasing the Guarantor from any Nachfolgeschuldnerin gelten. Eine of its obligations under its Guarantee. Ersetzung gemäß dieser Ziffer 12 hat jedoch in keinem Fall zur Folge, dass die Garantin von ihren Verpflichtungen aus ihrer Garantie befreit wird.

12.6 Transfer of Domicile 12.6 Sitzverlegung

A transfer of domicile of the Issuer to Eine Verlegung des Sitzes der Emittentin another country or territory is only in ein anderes Land oder Gebiet ist nur permissible if the requirements set forth in zulässig, wenn die vorstehend in Sections 12.1 and 12.2 above are Ziffern 12.1 und 12.2 genannten complied with accordingly. Section 12.3 Anforderungen entsprechend erfüllt sind. second half-sentence of sentence 1 shall Ziffer 12.3 zweiter Halbsatz des ersten apply mutatis mutandis. Satzes findet entsprechende Anwendung.

13. Further Issues, Purchases and 13. Begebung weiterer Cancellation Schuldverschreibungen, Ankauf und Entwertung

13.1 Further Issues 13.1 Begebung weiterer Schuldverschreibungen Subject to Section 11, the Issuer may from time to time, without the consent of the Die Emittentin ist vorbehaltlich der Holders, issue further Notes having the Bestimmungen von Ziffer 11 berechtigt, same terms and conditions as the Notes in jederzeit ohne Zustimmung der Gläubiger all respects (or in all respects except for weitere Schuldverschreibungen mit in the issue date, interest commencement jeder Hinsicht gleicher Ausstattung date and/or issue price) so as to form a (gegebenenfalls mit Ausnahme des single series with the Notes. jeweiligen Begebungstags, des Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.

13.2 Purchases 13.2 Ankauf

The Issuer and the Guarantor may at any Die Emittentin und die Garantin sind time purchase Notes in the open market or berechtigt, jederzeit otherwise and at any price. Notes Schuldverschreibungen im Markt oder purchased by the Issuer or the Guarantor anderweitig zu jedem beliebigen Preis zu may, at the option of the Issuer and the kaufen. Die von der Emittentin bzw. der Guarantor, be held, resold or surrendered Garantin erworbenen to the Paying Agent for cancellation. Schuldverschreibungen können nach Wahl der Emittentin und der Garantin von

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ihr gehalten, weiterverkauft oder bei der Zahlstelle zwecks Entwertung eingereicht werden.

13.3 Cancellation 13.3 Entwertung

All Notes redeemed in full shall be Sämtliche vollständig zurückgezahlten cancelled forthwith and may not be Schuldverschreibungen sind unverzüglich reissued or resold. zu entwerten und können nicht wiederbegeben oder wiederverkauft werden.

14. Amendments of the Terms and 14. Änderungen der Conditions by Resolutions of Holders, Emissionsbedingungen durch Holders' Representative Beschlüsse der Gläubiger; Gemeinsamer Vertreter

14.1 Amendment of the Terms and 14.1 Änderung der Emissionsbedingungen Conditions Die Emittentin kann mit den Gläubigern The Issuer may agree with the Holders on Änderungen der Emissionsbedingungen amendments to the Terms and Conditions oder sonstige Maßnahmen durch or on other matters by virtue of a majority Mehrheitsbeschluss der Gläubiger nach resolution of the Holders pursuant to Maßgabe der §§ 5 ff. des Gesetzes über sections 5 et seqq. of the German Act on Schuldverschreibungen aus Gesamte- Issues of Debt Securities (Gesetz über missionen ("SchVG") in seiner jeweils Schuldverschreibungen aus geltenden Fassung beschließen. Die Gesamtemissionen – "SchVG"), as Gläubiger können insbesondere einer amended from time to time. In particular, Änderung wesentlicher Inhalte der the Holders may consent to amendments Emissionsbedingungen, einschließlich der which materially change the substance of in § 5 Abs. 3 SchVG vorgesehenen the Terms and Conditions, including such Maßnahmen durch Beschlüsse mit den in measures as provided for under section 5 der nachstehenden Ziffer 14.2 genannten paragraph 3 of the SchVG by resolutions Mehrheiten zustimmen. Ein passed by such majority of the votes of the ordnungsgemäß gefasster Holders as stated under Section 14.2 Mehrheitsbeschluss ist für alle Gläubiger below. A duly passed majority resolution gleichermaßen verbindlich. shall be binding equally upon all Holders.

14.2 Majority 14.2 Mehrheit

Except as provided by the following Vorbehaltlich des nachstehenden Satzes sentence and provided that the quorum und der Erreichung der erforderlichen requirements are being met, the Holders Beschlussfähigkeit, beschließen die may pass resolutions by simple majority Gläubiger mit der einfachen Mehrheit der of the voting rights participating in the an der Abstimmung teilnehmenden vote. Resolutions which materially change Stimmrechte. Beschlüsse, durch welche the substance of the Terms and der wesentliche Inhalt der Conditions, in particular in the cases of Emissionsbedingungen, insbesondere in section 5 paragraph 3 numbers 1 through den Fällen des § 5 Abs. 3 Nr. 1 bis 9 9 of the SchVG, or relating to material SchVG, geändert wird, oder sonstige other matters may only be passed by a wesentliche Maßnahmen beschlossen majority of at least 75% of the voting werden bedürfen zu ihrer Wirksamkeit rights participating in the vote (a einer Mehrheit von mindestens 75 % der "Qualified Majority"). an der Abstimmung teilnehmenden Stimmrechte (eine "Qualifizierte Mehrheit").

14.3 Passing of Resolutions 14.3 Beschlussfassung

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The Holders can pass resolutions in a Die Gläubiger können Beschlüsse in einer meeting (Gläubigerversammlung) in Gläubigerversammlung gemäß §§ 5 ff. accordance with section 5 et seqq. of the SchVG oder im Wege einer Abstimmung SchVG or by means of a vote without a ohne Versammlung gemäß § 18 und meeting (Abstimmung ohne § 5 ff. SchVG fassen. Versammlung) in accordance with section 18 and section 5 et seqq. of the SchVG.

14.4 Meeting 14.4 Gläubigerversammlung

If resolutions of the Holders shall be made Falls Beschlüsse der Gläubiger in einer by means of a meeting the convening Gläubigerversammlung gefasst werden, notice (Einberufung) will provide for enthält die Bekanntmachung der further details relating to the resolutions Einberufung nähere Angaben zu den and the voting procedure. The subject Beschlüssen und zu den matter of the vote as well as the proposed Abstimmungsmodalitäten. Die resolutions shall be notified to the Holders Gegenstände und Vorschläge zur together with the convening notice. Beschlussfassung werden den Gläubigern Attendance at the meeting and exercise of mit der Bekanntmachung der Einberufung voting rights is subject to the Holders' bekannt gemacht. Die Teilnahme an der registration. The registration must be Gläubigerversammlung und die received at the address stated in the Ausübung der Stimmrechte ist von einer convening notice no later than the third vorherigen Anmeldung der Gläubiger day preceding the meeting. As part of the abhängig. Die Anmeldung muss unter der registration, Holders must demonstrate in der Bekanntmachung der Einberufung their eligibility to participate in the vote by mitgeteilten Adresse spätestens am dritten means of a special confirmation of the Tag vor der Gläubigerversammlung Custodian in accordance with zugehen. Mit der Anmeldung müssen die Sections 17.3[(a)(i)] and [(ii)] hereof in Gläubiger ihre Berechtigung zur text form and by sub-mission of a Teilnahme an der Abstimmung durch blocking instruction by the Custodian einen in Textform erstellten besonderen stating that the relevant Notes are not Nachweis der Depotbank gemäß transferable from and including the day Ziffern 17.3[(a)(i)] und [(ii)] und durch such registration has been sent until and Vorlage eines Sperrvermerks der including the stated end of the meeting. Depotbank, aus dem hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Absendung der Anmeldung (einschließlich) bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen.

14.5 Vote without a meeting 14.5 Abstimmung ohne Versammlung

If resolutions of the Holders shall be made Falls Beschlüsse der Gläubiger im Wege by means of a vote without a meeting the einer Abstimmung ohne Versammlung request for voting (Aufforderung zur gefasst werden, enthält die Aufforderung Stimmabgabe) will provide for further zur Stimmabgabe nähere Angaben zu den details relating to the resolutions and the Beschlüssen und zu den Abstimmungs- voting procedure. The subject matter of modalitäten. Die Gegenstände und Vor- the vote as well as the proposed schläge zur Beschlussfassung werden den resolutions shall be notified to the Holders Gläubigern mit der Aufforderung zur together with the request for voting. Stimmabgabe bekannt gemacht. Im Together with casting their votes, Holders Zusammenhang mit der Stimmabgabe must demonstrate their eligibility to müssen die Gläubiger ihre Berechtigung participate in the vote by means of a zur Teilnahme an der Abstimmung durch special confirmation of the Custodian in einen in Textform erstellten besonderen accordance with Sections 17.3[(a)(i)] and Nachweis der Depotbank gemäß [(ii)] hereof in text form and by Ziffern 17.3[(a)(i)] und [(ii)] und durch submission of a blocking instruction by Vorlage eines Sperrvermerks der

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the Custodian stating that the relevant Depotbank, aus dem hervorgeht, dass die Notes are not transferable from and betreffenden Schuldverschreibungen ab including the day such registration has dem Tag der Absendung der Anmeldung been sent until and including the day the (einschließlich) bis zum letzten Tag des voting period ends. Abstimmungszeitraums (einschließlich) nicht übertragbar sind, nachweisen.

14.6 Second Meeting 14.6 Zweite Versammlung

If it is ascertained that no quorum exists Wird für die Gläubigerversammlung for the meeting pursuant to Section 14.4 gemäß Ziffer 14.4 oder die Abstimmung or the vote without a meeting pursuant to ohne Versammlung gemäß Ziffer 14.5 die Section 14.5, in case of a meeting the mangelnde Beschlussfähigkeit chairman (Vorsitzender) may convene a festgestellt, kann - im Fall der second meeting in accordance with Gläubigerversammlung - der Vorsitzende section 15 paragraph 3 sentence 2 of the eine zweite Versammlung im Sinne von SchVG or in case of a vote without a § 15 Abs. 3 Satz 2 SchVG und - im Fall meeting the scrutineer der Abstimmung ohne Versammlung - der (Abstimmungsleiter) may convene a Abstimmungsleiter eine zweite second meeting within the meaning of Versammlung im Sinne von § 15 Abs. 3 section 15 paragraph 3 sentence 3 of the Satz 3 SchVG einberufen. Die Teilnahme SchVG. Attendance at the second meeting an der zweiten Versammlung und die and exercise of voting rights is subject to Ausübung der Stimmrechte sind von einer the Holders' registration. The registration vorherigen Anmeldung der Gläubiger must be received at the address stated in abhängig. Die Anmeldung muss unter der the convening notice no later than the third in der Bekanntmachung der Einberufung day preceding the second meeting. As part mitgeteilten Adresse spätestens am dritten of the registration, Holders must Tag vor der zweiten Versammlung demonstrate their eligibility to participate zugehen. Mit der Anmeldung müssen die in the vote by means of a special Gläubiger ihre Berechtigung zur confirmation of the Custodian in Teilnahme an der Abstimmung durch accordance with Sections 17.3[(a)(i)] and einen in Textform erstellten besonderen [(ii)] hereof in text form and by Nachweis der Depotbank gemäß submission of a blocking instruction by Ziffern 17.3[(a)(i)] und [(ii)] und durch the Custodian stating that the relevant Vorlage eines Sperrvermerks der Notes are not transferable from and Depotbank, aus dem hervorgeht, dass die including the day such registration has betreffenden Schuldverschreibungen ab been sent until and including the stated dem Tag der Absendung der Anmeldung end of the meeting. (einschließlich) bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen.

14.7 Holders' representative 14.7 Gemeinsamer Vertreter

The Holders may by majority resolution Die Gläubiger können durch provide for the appointment or dismissal Mehrheitsbeschluss die Bestellung oder of a holders' representative (the "Holders' Abberufung eines gemeinsamen Representative"), the duties and Vertreters (der "Gemeinsame responsibilities and the powers of such Vertreter"), die Aufgaben und Holders' Representative, the transfer of Befugnisse des Gemeinsamen Vertreters, the rights of the Holders to the Holders' die Übertragung von Rechten der Representative and a limitation of liability Gläubiger auf den Gemeinsamen of the Holders' Representative. Vertreter und eine Beschränkung der Appointment of a Holders' Representative Haftung des Gemeinsamen Vertreters may only be passed by a Qualified bestimmen. Die Bestellung eines Majority if such Holders' Representative Gemeinsamen Vertreters bedarf einer is to be authorised to consent, in Qualifizierten Mehrheit, wenn er accordance with Section 14.2 hereof, to a ermächtigt werden soll, Änderungen des material change in the substance of the wesentlichen Inhalts der Terms and Conditions or other material Emissionsbedingungen oder sonstigen

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matters. For the avoidance of doubt, wesentlichen Maßnahmen gemäß should insolvency proceedings be opened Ziffer 14.2 zuzustimmen. Zur against the Guarantor, the appointment of Vermeidung von Missverständnissen wird a court-appointed representative pursuant festgehalten, dass die Möglichkeit zu to section 1 et. Seq. of the Austrian Bestellung des Gemeinsame Vertreter Bankruptcy Code (eines gemeinsamen insbesondere im Falle eines Insolvenzver- Vertreters iSd §§ 1 ff des österr. fahrens der Garantin zur Anwendung Kuratorengesetzes), shall be, to the extent kommt und die gerichtl. Bestellung eines legally possible, excluded and replaced by gemeinsamen Vertreters iSd §§ 1 ff des the appointment of a Holders' österr. Kuratorengesetzes – soweit Representative pursuant to this Section rechtlich möglich – ausgeschlossen und 14.7. durch die Bestellung eines Gemeinsamen Vertreters gemäß Ziffer 14.7 ersetzt werden soll.

14.8 Publication 14.8 Veröffentlichung

Any notices concerning this Section 14 Bekanntmachungen betreffend dieser shall be made exclusively pursuant to the Ziffer 14 erfolgen ausschließlich gemäß provisions of the SchVG. den Bestimmungen des SchVG.

14.9 Amendments of the Guarantee 14.9 Änderung der Garantie

The provisions set out above applicable to Die oben aufgeführten auf die the Notes shall apply mutatis mutandis to Schuldverschreibungen anwendbaren the Guarantee. Bestimmungen gelten entsprechend für die Bestimmungen der Garantie.

15. Notices 15. Mitteilungen

15.1 Publications 15.1 Bekanntmachungen

All notices concerning the Notes except as Alle die Schuldverschreibungen stipulated in Section 14.6 shall be betreffenden Mitteilungen, außer nach published electronically on the Maßgabe von Ziffer 14.6, sind Guarantor's website and so long as the elektronisch auf der Homepage der Notes are admitted to trading on the Garantin und, solange die Luxembourg Stock Exchange on the Schuldverschreibungen zum Handel an website of the Luxembourg Stock der Luxemburger Börse zugelassen sind, Exchange (www.bourse.lu). Any notice so auf der Homepage der Luxemburger given will be deemed to be validly given Börse (www.bourse.lu) zu on the third calendar day following the veröffentlichen. Jede derartige Mitteilung date of such publication (or, if published gilt mit dem dritten Kalendertag nach dem more than once, on the third calendar day Tag der Veröffentlichung (oder bei following the date of the first such mehrfacher Veröffentlichungen mit dem publication). dritten Kalendertag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.

15.2 Notification to the Clearing System 15.2 Mitteilungen an das Clearingsystem

So long as any Notes are listed on the Solange Schuldverschreibungen an der Luxembourg Stock Exchange, Luxemburger Börse notiert sind, findet Section 15.1 above shall apply. If the vorstehende Ziffer 15.1 Anwendung. Rules of the Luxembourg Stock Exchange Soweit die Regeln der Luxemburger so permit, the Issuer may deliver the Börse dies zulassen, kann die Emittentin relevant notice to the Clearing System for eine Veröffentlichung nach Ziffer 15.1 communication by the Clearing System to durch eine Mitteilung an das Clearing- the Holders, in lieu of publication as set system zur Weiterleitung an die Gläubi- forth in Section 15.1; any such notice shall ger ersetzen; jede derartige Mitteilung gilt be deemed to have been given on the fifth am fünften Tag nach dem Tag der Mit-

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day after the day on which the said notice teilung an das Clearingsystem als den was given to the Clearing System.] Gläubigern mitgeteilt.

15.3 Should the Notes be listed on a stock Sollten die Schuldverschreibungen an exchange other than the Luxembourg einer anderen Börse als der Luxemburger Stock Exchange, then Sections 15.1 and Börse notiert sein, dann gelten 15.1 und 15.2 shall apply mutatis mutandis. 15.2 entsprechend.

15.4 Notification to the Issuer 15.3 Mitteilungen an die Emittentin

Notices to be given by any Holder to the Mitteilungen eines Gläubigers an die Issuer shall be made by means of a Emittentin haben in der Weise zu declaration in text form (Textform) to be erfolgen, dass der Gläubiger der Zahlstelle delivered to the Paying Agent. eine entsprechende Erklärung in.

16. Definitions 16. Definitionen

"Additional Amounts" has the meaning "Zusätzliche Beträge" hat die diesem assigned to such term in Section 8. Begriff in Ziffer 8 zugewiesene Bedeutung.

"Affiliate" has the meaning assigned to "Verbundenes Unternehmen" hat die such term in Section 12.1. diesem Begriff in Ziffer 12.1 zugewiesene Bedeutung.

"Benchmark Yield" has the meaning "Benchmark-Rendite" hat die diesem assigned to such term in Section 6.4. Begriff in Ziffer 6.4 zugewiesene Bedeutung.

"Business Day" has the meaning assigned "Geschäftstag" hat die diesem Begriff in to such term in Section 5.4. Ziffer 5.4 zugewiesene Bedeutung.

"Calculation Period" has the meaning "Zinsberechnungszeitraum" hat die assigned to such term in Section 4.4. diesem Begriff in Ziffer 4.4 zugewiesene Bedeutung.

"Call Redemption Amount" has the "Wahl-Rückzahlungsbetrag (Call)" hat meaning assigned to such term in die diesem Begriff in Ziffer 6.4 Section 6.4. zugewiesene Bedeutung.

"Call Redemption Date" has the meaning "Wahl-Rückzahlungstag (Call)" hat die assigned to such term in Section 6.4. diesem Begriff in Ziffer 6.4 zugewiesene Bedeutung.

"Capital Market Indebtedness" means "Kapitalmarktverbindlichkeiten" all present or future obligations of the bedeutet alle gegenwärtigen oder Issuer and/or the Guarantor and/or its zukünftigen Verpflichtungen der Subsidiaries to provide funds (including Emittentin und/oder Garantin und/oder obligations under guarantees or other ihrer Tochtergesellschaften zur Leistung indemnities) under bonds, notes or other von Geldern (einschließlich similar debt instruments, as well as Verpflichtungen aus Garantien oder promissory note loans anderen Haftungsvereinbarungen) aus (Schuldscheindarlehen), irrespective of Anleihen, Schuldverschreibungen oder whether they are admitted to trading on a anderen ähnlichen Schuldinstrumenten, stock exchange or regulated market or sowie Schuldscheindarlehen, unabhängig included in a multilateral trading facility. davon, ob sie an einer Wertpapierbörse For the avoidance of doubt, other debt oder an einem geregelten Markt zum financing, syndicated loans and project Handel zugelassen oder in ein financing do not constitute Capital Market multilaterales Handelssystem einbezogen Indebtedness. sind. Zur Vermeidung von Missverständnissen wird festgehalten, dass sonstige Fremdfinanzierungen,

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Konsortialkredite und Projektfinanzierungen jedenfalls keine Kapitalmarktverbindlichkeit darstellen.

"CBF" has the meaning assigned to such "CBF" hat die diesem Begriff in Ziffer 1.3 term in Section 1.3. zugewiesene Bedeutung.

"Change of Control" has the meaning "Kontrollwechsel" hat die diesem Begriff assigned to such term in Section 6.5(a). in Ziffer 6.5(a) zugewiesene Bedeutung.

"Change of Control Put Date" has the "Kontrollwechsel-Rückzahlungstag" meaning assigned to such term in hat die diesem Begriff in Ziffer 6.5(c) Section 6.5(c). zugewiesene Bedeutung.

"Change of Control Put Event Notice" "Kontrollwechsel-Gläubigerwahl- has the meaning assigned to such term in Rückzahlungsereignis- Mitteilung " hat Section 6.5(b). die diesem Begriff in Ziffer 6.5(b) zugewiesene Bedeutung.

"Change of Control Put Notice" has the "Kontrollwechsel- meaning assigned to such term in Ausübungserklärung" hat die diesem Section 6.5(c). Begriff in Ziffer 6.5(c) zugewiesene Bedeutung.

"Change of Control Put Option" has the "Kontrollwechsel-Gläubiger- meaning assigned to such term in Rückzahlungswahlrecht" hat die diesem Section 6.5(a). Begriff in Ziffer 6.5(a) zugewiesene Bedeutung.

"Change of Control Put Period" has the "Kontrollwechsel-Ausübungszeitraum" meaning assigned to such term in Section hat die diesem Begriff in Ziffer 6.5(c) 6.5(c). zugewiesene Bedeutung.

"Code" has the meaning assigned to such "Code" hat die diesem Begriff in term in Section 5.7. Ziffer 5.7 zugewiesene Bedeutung.

"Consolidated Financial Statements" "Konzernabschluss" bezeichnet in Bezug means, with respect to any Person, auf eine Person zusammenfassend den collectively, the Consolidated Financial nach IFRS erstellten Konzernabschluss Statements and notes to those financial mit Anhang für diese Person und ihre statements, of that Person and its Tochterunternehmen. subsidiaries prepared in accordance with IFRS.

"Controlling Stake" has the meaning "Kontrollierende Beteiligung" hat die assigned to such term in Section 6.5(a). diesem Begriff in Ziffer 6.5(a) zugewiesene Bedeutung.

"Custodian" has the meaning assigned to "Depotbank" hat die diesem Begriff in such term in Section 17.3. Ziffer 17.3 zugewiesene Bedeutung.

"Day Count Fraction" has the meaning "Zinstagequotient" hat die diesem assigned to such term in Section 4.4. Begriff in Ziffer 4.4 zugewiesene Bedeutung.

"Determination Date" has the meaning "Feststellungstermin" hat die diesem assigned to such term in Section 4.3. Begriff in Ziffer 4.3 zugewiesene Bedeutung.

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"Determination Period" has the meaning "Feststellungsperiode" hat die diesem assigned to such term in Section 4.4. Begriff in Ziffer 4.4 zugewiesene Bedeutung.

"Event of Default" has the meaning "Kündigungsgrund" hat die diesem assigned to such term in Section 10.1 Begriff in Ziffer 10.1 zugewiesene Bedeutung.

"Global Note" has the meaning assigned "Globalurkunde" hat die diesem Begriff to such term in Section 1.2. in Ziffer 1.2 zugewiesene Bedeutung.

"Guarantor" has the meaning assigned to "Garantin" hat die diesem Begriff in such term in Section 2.2. Ziffer 2.2 zugewiesene Bedeutung.

"Holder" has the meaning assigned to "Gläubiger" hat die diesem Begriff in such term in Section 1.4. Ziffer 1.4 zugewiesene Bedeutung.

"Holders' Representative" has the "Gemeinsamer Vertreter" hat die meaning assigned to such term in diesem Begriff in Ziffer 14.7 zugewiesene Section 14.7. Bedeutung.

"IFRS" means the International Financial "IFRS" bezeichnet die nach der EU an- Reporting Standards as adopted by the wendbaren International Financial European Union and as published by the Reporting Standards des International International Accounting Standards Accounting Standards Board in jeweils Board, as in effect from time to time. geltender Fassung.

"Interest Commencement Date" has the "Verzinsungsbeginn" hat die diesem meaning assigned to such term in Begriff in Ziffer 4.1 zugewiesene Section 4.1. Bedeutung.

"Interest Payment Date" has the "Zinszahlungstag" hat die diesem Begriff meaning assigned to such term in in Ziffer 4.1 zugewiesene Bedeutung. Section 4.1.

"Issue Date" has the meaning assigned to "Begebungstag" hat die diesem Begriff in such term in Section 1.1. Ziffer 1.1 zugewiesene Bedeutung.

"Issuer" has the meaning assigned to such "Emittentin" hat die diesem Begriff in term in Section 1.1. Ziffer 1.1 zugewiesene Bedeutung.

"Loan-to-Value Ratio" means the Loan "Loan-to-Value Ratio" ist der Loan to to Value Ratio at the level of the Value auf Ebene des Konzerns der Guarantor's Group in accordance with Garantin gemäß § 244 ff österreichisches section 244 et seq. of the Austrian UGB ("Konzern"), der sich aus dem von Commercial Code ("Group"), which is der Garantin zu jedem Jahresende zu based on the audited consolidated erstellenden geprüften konsolidierten financial statements to be prepared by the Jahresabschluss ergibt. Der Loan-to- Guarantor at each year-end. The Loan-to- Value Ratio definiert sich als Summe Value Ratio is defined as the total of all sämtlicher Darlehensverbindlichkeiten loan liabilities (including, but not limited (einschließlich, aber nicht beschränkt auf, to, bank and bond liabilities and non- Bank- und Anleiheverbindlichkeiten subordinated promissory note loans) of sowie nicht-nachrangige the Group divided by the total property Schuldscheindarlehen) des Konzerns values according to the valuation report dividiert durch die Summe der plus other assets of the Group. Immobilienwerte gemäß Wertgutachten zuzüglich sonstiger Aktiva des Konzerns.

"Make-Whole Amount" has the meaning "Abgezinste Marktpreis (Make-Whole assigned to such term in Section 6.4. Amount)" hat die diesem Begriff in Ziffer 6.4 zugewiesene Bedeutung.

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"Material Subsidiary" means a group "Wesentliche Tochtergesellschaft" company of the Issuer or the Guarantor (as bezeichnet ein Konzernunternehmen der defined in Section 15 Austrian Stock Emittentin oder der Garantin (im Sinne Corporation Act) whose (i) earnings des § 15 österreichisches Aktiengesetz), before interest, taxes, depreciation and (i) deren Ergebnis vor Zinsen, Steuern, amortisation (EBITDA) on a consolidated Abschreibung und Amortisation basis contribute 10% or more to the total (EBITDA) 10 % oder mehr zum gesamten earnings before interest, taxes, Ergebnis vor Zinsen, Steuern, depreciation and amortisation (EBITDA) Abschreibung und Amortisation of the Issuer or the Guarantor on a (EBITDA) der Emittentin oder der consolidated basis or (ii) total assets Garantin auf konsolidierter Basis beiträgt contribute 10% or more of the total assets oder (ii) deren Aktivvermögen 10% oder of the Issuer or the Guarantor on a mehr zur Gesamtheit des Aktivvermögens consolidated basis. A report by the auditor der Emittentin oder der Garantin auf of the Issuer or the Guarantor, as konsolidierter Basis beiträgt. Ein Bericht applicable from time to time, that in its des Abschlussprüfers der Emittentin oder opinion, based on the most recent audited der Garantin, wie jeweils anwendbar, dass Consolidated Financial Statements of the nach seiner Auffassung auf Basis des Issuer or the Guarantor a subsidiary of the letzten geprüften konsolidierten Issuer or the Guarantor is or has not been Jahresabschlusses der Emittentin oder der or is not a Material Subsidiary of the Garantin eine Tochtergesellschaft der Issuer or the Guarantor, shall be final and Emittentin oder der Garantin eine binding on all parties (unless an obvious Wesentliche Tochtergesellschaft ist oder error exists). nicht ist oder war oder nicht war, soll (sofern kein offensichtlicher Fehler vorliegt) für alle Parteien endgültig und bindend sein.

"Maturity Date" has the meaning as- "Fälligkeitstag" hat die diesem Begriff in signed to such term in Section 6.1. Ziffer 6.1 zugewiesene Bedeutung.

"Notes" has the meaning assigned to such "Schuldverschreibungen" hat die diesem term in Section 1.1. Begriff in Ziffer 1.1 zugewiesene Bedeutung.

"Guarantee" has the meaning assigned to "Garantie" hat die diesem Begriff in such term in Section 2.2. Ziffer 2.2 zugewiesene Bedeutung.

"Opinion of Counsel" means a written "Rechtsgutachten" bezeichnet ein opinion from legal counsel. The counsel schriftliches Gutachten eines may be an employee of or counsel to the Rechtsberaters. Der Rechtsberater kann Guarantor. Mitarbeiter oder externer Rechtsberater der Garantin sein.

"Paying Agent" has the meaning as- "Zahlstelle" hat die diesem Begriff in signed to such term in Section 7.1. Ziffer 7.1 zugewiesene Bedeutung.

"Person" means any individual, "Person" bezeichnet natürliche Personen, corporation, partnership, joint venture, Körperschaften, Personengesellschaften, association, joint stock company, trust, Joint Ventures, Vereinigungen, unincorporated organisation, limited Aktiengesellschaften, Trusts, nicht liability company or government (or any rechtsfähige Vereinigungen, agency or political subdivision thereof) or Gesellschaften mit beschränkter Haftung, other entity. staatliche Stellen (oder Behörden oder Gebietskörperschaften) oder sonstige Rechtsträger.

"Qualified Majority" has the meaning "Qualifizierte Mehrheit" hat die diesem assigned to such term in Section 14.2. Begriff in Ziffer 14.2 zugewiesene Bedeutung.

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"Redemption Calculation Date" has the "Rückzahlungs-Berechnungstag" hat meaning assigned to such term in die diesem Begriff in Ziffer 6.4 Section 6.4. zugewiesene Bedeutung.

"Relevant Taxing Jurisdiction" has the "Maßgebliche Steuerjurisdiktion" hat meaning assigned to such term in die diesem Begriff in Ziffer 8 Section 8. zugewiesene Bedeutung.

"SchVG" has the meaning assigned to "SchVG" hat die diesem Begriff in such term in Section 14.1. Ziffer 14.1 zugewiesene Bedeutung.

"Screen Page" has the meaning assigned "Screen Seite" hat die diesem Begriff in to such term in Section 6.4. Ziffer 6.4 zugewiesene Bedeutung.

"Security Interest" means land charges, "Sicherheit" meint Grundschulden, mortgages, liens, rights of retention or Hypotheken, Pfandrechte, other encumbrances and security interests Zurückbehaltungsrechte oder sonstige in the current or future assets or income of Belastungen und Sicherungsrechte an den the Issuer and/or the Guarantor and/or gegenwärtigen oder zukünftigen their respective subsidiaries. For the Vermögenswerten oder Einkünften der avoidance of doubt, guarantees without Emittentin und/oder der Garantin collateral securities do not constitute a und/oder deren jeweiliger Security Interest within the meaning of Tochtergesellschaften. Zur Vermeidung this definition. von Missverständnissen wird festgehalten, dass Garantien ohne dingliche Besicherung keine Sicherheit im Sinne dieser Bestimmung darstellen.

"Specified Denomination" has the "Festgelegte Stückelung" hat die diesem meaning assigned to such term in Begriff in Ziffer 1.1 zugewiesene Section 1.1. Bedeutung.

"Subsidiary" means any corporation or "Tochtergesellschaft" bezeichnet jede partnership in which the Issuer and/or the Kapital- oder Personengesellschaft, an der Guarantor alone or jointly directly or die Emittentin und/oder die Garantin indirectly hold more than 50% of the alleine oder gemeinsam mittelbar oder capital or voting shares or which is unmittelbar mehr als 50 % des Kapitals otherwise directly or indirectly under the oder der stimmberechtigten Anteile halten controlling influence (together or alone) oder die sonst unmittelbar oder mittelbar of the Issuer and/or the Guarantor and/or unter dem beherrschenden Einfluss der their respective subsidiaries within the Emittentin und/oder der Garantin meaning of this provision. und/oder ihrer jeweiligen Tochtergesellschaften (zusammen oder alleine) im Sinne dieser Bestimmung steht.

"Substitute Debtor" has the meaning "Nachfolgeschuldnerin" hat die diesem assigned to such term in Section 12.1. Begriff in Ziffer 12.1 zugewiesene Bedeutung.

"Substitution Guarantee" has the "Ersetzungsgarantie" hat die diesem meaning assigned to such term in Begriff in Ziffer 12.1(b) zugewiesene Section 12.1(b). Bedeutung.

"Termination Notice" has the meaning "Kündigungserklärung" hat die diesem assigned to such term in Section 10.2. Begriff in Ziffer 10.2 zugewiesene Bedeutung.

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17. Applicable Law, Place of Jurisdiction, 17. Anwendbares Recht, Gerichtsstand, Enforcement and Process Agent Gerichtliche Geltendmachung und Zustellungsbevollmächtigter

17.1 Applicable Law 17.1 Anwendbares Recht

The Notes, as to form and content, and all Form und Inhalt der rights and obligations of the Holders and Schuldverschreibungen sowie die Rechte the Issuer, shall be governed by the laws und Pflichten der Gläubiger und der of the Federal Republic of Germany, Emittentin bestimmen sich nach dem without giving effect to the principles of Recht der Bundesrepublik Deutschland, conflict of laws. The provisions of unter Ausschluss des internationalen Articles 470-1 to 47019 of the Privatrechts. Die Bestimmungen der Luxembourg Law of 10 August 1915 with Artikel 470-1 bis 470-19 des respect to commercial companies as Luxemburger Gesetzes in Bezug auf amended (Loi du 10 aout 1915 concernant kommerzielle Gesellschaften (Loi du 10 les societes commerciales, telle que aout 1915 concernant les societes modifiee) (including, with respect to commerciales, telle que modifiee) meetings of the Holders of Notes) are (einschließlich in Bezug auf die hereby expressly disapplied.] Versammlungen der Gläubiger der Schuldverschreibungen) werden hiermit ausdrücklich ausgeschlossen.

17.2 Submission to Jurisdiction 17.2 Gerichtsstand

Subject to any mandatory jurisdiction for Vorbehaltlich eines zwingend specific proceedings under the SchVG, vorgeschriebenen Gerichtsstands für the place of non-exclusive jurisdiction for bestimmte Verfahren nach dem SchVG ist any action or other legal proceedings in Frankfurt am Main nicht ausschließlicher connection with the Notes shall be Gerichtsstand für sämtliche im Frankfurt am Main. Zusammenhang mit den Schuldverschreibungen entstehende Klagen oder sonstige Verfahren.

17.3 Enforcement 17.3 Gerichtliche Geltendmachung

Any Holder of Notes may in any Jeder Gläubiger von proceedings against the Issuer or any Schuldverschreibungen ist berechtigt, in Guarantor, or to which such Holder and jedem Rechtsstreit gegen die Emittentin the Issuer or any Guarantor are parties, oder eine Garantin oder in jedem protect and enforce in his own name his Rechtsstreit, in dem der Gläubiger und die rights arising under such Notes on the Emittentin oder eine Garantin Partei sind, basis of (a) a statement issued by the seine Rechte aus diesen Custodian with whom such Holder Schuldverschreibungen im eigenen maintains a securities account in respect Namen auf der folgenden Grundlage of the Notes (i) stating the full name and geltend zu machen: (a) er bringt eine address of the Holder, (ii) specifying the Bescheinigung der Depotbank bei, bei der aggregate principal amount of Notes er für die Schuldverschreibungen ein credited to such securities account on the Wertpapierdepot unterhält, welche (i) den date of such statement and (iii) confirming vollständigen Namen und die vollständige that the Custodian has given written notice Adresse des Gläubigers enthält, (ii) den to the Clearing System containing the Gesamtnennbetrag der information pursuant to (i) and (ii) and (b) Schuldverschreibungen bezeichnet, die a copy of the Note in global form certified unter dem Datum der Bestätigung auf dem as being a true copy by a duly authorised Wertpapierdepot verbucht sind und officer of the Clearing System or a (iii) bestätigt, dass die Depotbank depository of the Clearing System, gegenüber dem Clearingsystem eine without the need for production in such schriftliche Erklärung abgegeben hat, die proceedings of the actual records or the die vorstehend unter (i) und (ii) Global Note representing the Notes. For bezeichneten Informationen enthält, und purposes of the foregoing, "Custodian" (b) er legt eine Kopie der die betreffenden

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means any bank or other financial Schuldverschreibungen verbriefenden institution of recognised standing Globalurkunde vor, deren authorised to engage in securities custody Übereinstimmung mit dem Original eine business with which the Holder maintains vertretungsberechtigte Person von dem a securities account in respect of the Notes Clearingsystem oder einer Verwahrstelle and includes the Clearing System. Each des Clearingsystems bestätigt hat, ohne Holder may, without prejudice to the dass eine Vorlage der Originalbelege oder foregoing, protect and enforce his rights der die Schuldverschreibungen under these Notes also in any other way verbriefenden Globalurkunde in einem which is admitted in the country of the solchen Verfahren erforderlich wäre. Für proceedings. die Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Depotgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearingsystems. Unbeschadet der vorstehenden Bestimmungen ist jeder Gläubiger berechtigt, seine Rechte aus diesen Schuldverschreibungen auch auf jede andere im Land des Verfahrens zulässige Weise geltend zu machen.

18. Language 18. Sprache

These Terms and Conditions are written in Diese Emissionsbedingungen sind in the German language and provided with deutscher Sprache abgefasst. Eine Über- an English language translation. The setzung in die englische Sprache ist bei- German text shall be controlling and gefügt. Der deutsche Text ist bindend und binding. The English language translation maßgeblich. Die Übersetzung in die is provided for convenience only. englische Sprache ist unverbindlich.

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5. THE GUARANTEE

GUARANTEE GARANTIE DER ISSUED BY SIGNA PRIME SELECTION AG SIGNA PRIME SELECTION AG

(a stock corporation under Austrian law) (eine Aktiengesellschaft nach österreichischem (the "Guarantor") Recht) (die "Garantin") for the benefit of the holders of notes (the "Notes") zugunsten der Gläubiger der Schuldverschreibungen (die "Schuldverschreibungen")

issued by begeben von SIGNA Prime Capital Market S.C.S. SIGNA Prime Capital Market S.C.S. (the "Issuer") die ("Emittentin")

under the unter dem

EUR 500,000,000 Debt Issuance Programme of EUR 500.000.000 Debt Issuance Programme der SIGNA Prime Capital Market S.C.S. guaranteed SIGNA Prime Capital Market S.C.S. garantiert by Signa Prime Selection AG (as amended, durch Signa Prime Selection AG (wie von Zeit zu supplemented or restated from time to time) Zeit geändert, ergänzt oder neu gefasst) (the "Programme") (das "Programm")

1. GUARANTEE 1. GARANTIE

1.1 The Guarantor hereby unconditionally 1.1 Die Garantin garantiert hiermit unbedingt and irrevocably guarantees by way of an und unwiderruflich im Wege eines independent payment obligation selbständigen Zahlungsversprechens (selbständiges Zahlungsversprechen) to gegenüber jedem Gläubiger einer each holder of a Note, issued by the Issuer Schuldverschreibung, die an oder zu on or after the date of this Guarantee under irgendeinem Zeitpunkt nach dem Datum the Programme, (the "Holders") the due dieser Garantie von der Emittentin im and punctual payment of principal of, and Rahmen des Programms begeben wird, interest on, and any other amounts payable (die "Gläubiger") die ordnungsgemäße under the relevant Notes (the und pünktliche Zahlung aller Kapital-, "Guarantee") without any further Zins- und sonstigen auf die examination and under the exclusion of Schuldverschreibungen zahlbaren Beträge any claims against any Holder. This (die "Garantie") ohne weitere Prüfung Guarantee shall be separate and und unter Ausschluss jeglicher Ansprüche independent from the obligations of the gegen einen Gläubiger. Diese Garantie Issuer and shall exist irrespective of the besteht selbständig und unabhängig von existence, validity and enforceability of den Verbindlichkeiten der Emittentin und the obligations of the Issuer. gilt unabhängig von der Existenz, Wirksamkeit und Durchsetzbarkeit der Verbindlichkeiten der Emittentin.

1.2 The intent and purpose of this Guarantee 1.2 Sinn und Zweck dieser Garantie ist es, is to ensure that the Holders under all sicherzustellen, dass die Gläubiger unter circumstances, whether factual or legal, allen Umständen tatsächlicher oder and regardless of the validity and rechtlicher Art und unabhängig von der enforceability of the obligations of the Wirksamkeit und Durchsetzbarkeit der Issuer or of any other grounds on the basis Verbindlichkeiten der Emittentin oder of which the Issuer may fail to effect sonstiger Gründe, auf deren Basis die payment, shall receive the amounts Emittentin Zahlungen möglicherweise payable as principal, interest and other nicht leistet, die in Form von Kapital- oder amounts to the Holders pursuant to the Zinszahlungen oder sonstigen Zahlungen gemäß den Emissionsbedingungen an die

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Terms and Conditions on the due dates as Gläubiger zu leistenden Beträge bei provided for in the Terms and Conditions. Fälligkeit nach Maßgabe der Emissionsbedingungen erhalten.

1.3 The Guarantor hereby explicitly waives 1.3 Die Garantin verzichtet hiermit any defenses and objections of the Issuer ausdrücklich auf alle der Emittentin (Einwendungen und Einreden des zustehenden Einwendungen und Einreden Hauptschuldners) (in particular but not (Einwendungen und Einreden des limited to any defenses and objections Hauptschuldners) (insbesondere, aber arising out of the Issuer's right of nicht beschränkt auf alle der Emittentin revocation (Anfechtbarkeit) or set-off zustehenden Einreden der Anfechtbarkeit (Aufrechenbarkeit) with respect to the oder Aufrechenbarkeit im Hinblick auf die Notes) and any rights to reclaim Schuldverschreibungen) und (Rückforderungsrechte) against the Rückforderungsrechte gegen die Holders. Gläubiger.

1.4 The Guarantor expressly consents to the 1.4 Die Garantin erklärt ausdrücklich, dass Guarantee being (i) independent payment die Garantie (i) ein selbständiges obligation upon first demand Zahlungsversprechen auf erstes (selbständiges Zahlungsversprechen auf Anfordern und weder eine Bürgschaft erstes Anfordern) and not as a surety noch eine Bürgschaft auf erstes Anfordern (Bürgschaft), a surety upon first demand oder ein Schuldbeitritt ist und (ii) (Bürgschaft auf erstes Anfordern) or unabhängig von allen anderen im assumption of joint liability Zusammenhang mit den (Schuldbeitritt) and (ii) independent from Schuldverschreibungen gestellten any other security granted in connection Sicherheiten besteht, und verzichtet auf with the Notes and waives any right which alle etwaigen aus einer Freigabe solcher might result from the release of any such anderen Sicherheiten entstehenden other security. Rechte.

1.5 The Guarantor's payment obligations 1.5 Die Zahlungsverpflichtungen der under this Guarantee become Garantin aus dieser Garantie werden automatically due and payable if and automatisch fällig und zahlbar, sofern und when the Issuer does not make a payment sobald die Emittentin eine Zahlung auf die with respect to the Notes when such Schuldverschreibungen nicht bei payment is due and payable pursuant to Fälligkeit gemäß den the Terms and Conditions. Emissionsbedingungen leistet.

1.6 The obligations of the Guarantor under 1.6 Die Verbindlichkeiten der Garantin aus this Guarantee shall rank at least pari dieser Garantie sind mit allen anderen passu with all other unsubordinated nicht nachrangigen Verbindlichkeiten der obligations of the Guarantor, unless such Garantin mindestens gleichrangig, soweit obligations are accorded priority under diesen Verbindlichkeiten nicht durch mandatory provisions of statutory law. zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird.

1.7 This Guarantee is discharged upon the full 1.7 Diese Garantie ist mit der vollständigen and irrevocable satisfaction of all claims und unwiderruflichen Befriedigung aller guaranteed pursuant to this Section 1 (the gemäß diesem Abschnitt 1 garantierten "Guaranteed Obligations"). However, if Ansprüche (die "Garantierten any of the Guaranteed Obligations was Verpflichtungen") erfüllt. Sollten only temporarily satisfied or may be set Garantierte Verpflichtungen jedoch nur aside by an insolvency administrator vorläufig erfüllt oder Gegenstand eines (Anfechtungsrecht) or may otherwise be Anfechtungsrechts eines avoided, the Guarantee shall continue in Insolvenzverwalters oder anderweitig full force and effect respectively - in case anfechtbar sein, so bleibt die Garantie it is set aside by an insolvency weiterhin in Kraft beziehungsweise für administrator or is avoided - shall reinstate den Fall, dass sie von einem in full force and effect. Insolvenzverwalter aufgehoben oder

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angefochten wird - wieder in vollem Umfang in Kraft treten.

1.8 The Guarantor shall ensure that, so long as 1.8 Solange Schuldverschreibungen any of the Notes are outstanding, but only ausstehen, jedoch nur bis zu dem up to the time all amounts of principal and Zeitpunkt, an dem alle Beträge an Kapital interest have been placed at the disposal of und Zinsen der Zahlstelle zur Verfügung the Paying Agent, the Issuer or, as gestellt wurden, wird die Garantin applicable, the Substitute Debtor is at all sicherstellen, dass die Emittentin bzw. die times an Affiliate of the Guarantor. Nachfolgeschuldnerin stets ein Verbundenes Unternehmen der Garantinist.

2. UNDERTAKINGS 2. VERPFLICHTUNGEN

2.1 Negative Pledge. The Guarantor 2.1 Negativverpflichtung. Die Garantin undertakes, for the benefit of the Holders, verpflichtet sich, gegenüber den for so long as any Notes are outstanding, Gläubigern für die Laufzeit der but only until such time as all amounts of Schuldverschreibungen, längstens jedoch principal and interest have been placed at bis zu dem Zeitpunkt, an dem alle Beträge the disposal of the Paying Agent: an Kapital und Zinsen unter den Schuldverschreibungen der Zahlstelle vollständig zur Verfügung gestellt worden sind:.

(a) (i) not to create or permit to sub- (a) (i) für sist any form of Security Interest Kapitalmarktverbindlichkeiten (as defined below) over its assets (wie unten definiert) keine to secure any Capital Market Sicherheiten (wie unten de- Indebtedness (as defined below) finiert) an ihren and (ii) not to permit third parties Vermögenswerten zu bestellen to create any form of Security oder deren Fortbestand zu Interest over its assets to secure erlauben und (ii) Dritten nicht zu any Capital Market Indebted- erlauben, zur Besicherung von ness; and Kapitalmarktverbindlichkeiten Sicherheiten an ihren Vermögenswerten zu bestellen; und

(b) to procure that (i) none of its (b) dafür Sorge zu tragen, dass (i) Subsidiaries (as defined below) keine ihrer Tochtergesellschaften will create or permit to subsist (wie unten definiert) für any form of Security Interest over Kapitalmarktverbindlichkeiten its assets to secure any Capital Sicherheiten an ihren Market Indebtedness and (ii) Vermögenswerten bestellt oder none of its Subsidiaries permit deren Fortbestand zu erlaubt und third parties to create any form of (ii) keine ihrer Security Interest over its assets to Tochtergesellschaften Dritten secure any Capital Market erlaubt, zur Besicherung von Indebtedness; Kapitalmarktverbindlichkeiten Sicherheiten an ihren Vermögenswerten zu bestellen;

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unless, subject to Section 2.2 below, (i) ohne, vorbehaltlich Ziffer 2.2 unten, (i) the Guarantor promptly ensures that unverzüglich sicherzustellen, dass die Holders are given a Security Interest at the Gläubiger zur gleichen Zeit und im same time and with the same ranking in gleichen Rang an solchen assets recognized by an independent, Vermögenswerten eine Sicherheit internationally recognized auditor as erhalten, die von einem unabhängigen, equivalent to the assets so secured or (ii) international anerkannten the Capital Market Indebtedness so Wirtschaftsprüfer als gleichwertige secured is Capital Market Indebtedness Sicherheit anerkannt werden, oder (ii) die incurred prior to the Issue Date. so besicherte Kapitalmarktverbindlichkeit ist eine Kapitalmarktverbindlichkeit, die vor dem Begebungstag begründet worden ist.

2.2 The undertakings pursuant to Section 2.1 2.2 Die Verpflichtungserklärungen nach shall not apply to any security interest Ziffer 2.1 gelten nicht für which is mandatory according to Sicherungsrechte, die nach anwendbarem applicable laws or required as prerequisite Recht zwingend vorgeschrieben sind oder for governmental approvals. Voraussetzung für die Gewährung staatlicher Genehmigungen sind.

2.3 Provision of Additional Security. 2.3 Bestellung zusätzlicher Sicherheiten. Whenever the Guarantor becomes Entsteht für die Garantin die obligated to secure (or procure that a Verpflichtung zur Besicherung der Subsidiary secures) the Notes pursuant to Schuldverschreibungen gemäß Ziffer 2.1, Section 2.1, the Guarantor shall be entitled (oder entsteht die Verpflichtung, für deren to discharge such obligation by providing Besicherung durch eine (or procure that the relevant Subsidiary Tochtergesellschaft Sorge zu tragen), so provides) a security interest in the relevant ist die Garantin berechtigt, diese collateral to a security trustee, such Verpflichtung dadurch zu erfüllen, dass security trustee to hold such collateral and ein Sicherungsrecht an dem jeweiligen the security interest that gave rise to the Sicherungsgegenstand zugunsten eines creation of such collateral, equally Sicherheitentreuhänders begründet wird (dinglich oder, falls rechtlich nicht (bzw. dadurch, dass sie die betreffende möglich, aufgrund schuldrechtlicher Wesentliche Tochtergesellschaft zur Vereinbarung gleichrangig), for the Begründung eines solchen benefit of the Holders and the holders of Sicherungsrechts veranlassen), und zwar the Capital Market Indebtedness secured in einer Weise, dass der by the security interest that gave rise to the Sicherheitentreuhänder diesen creation of such security interest in such Sicherungsgegenstand dinglich oder, falls collateral. rechtlich nicht möglich, aufgrund schuldrechtlicher Vereinbarung gleichrangig zugunsten der Gläubiger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktverbindlichkeit hält, die aufgrund einer Besicherung mit einem Sicherungsrecht zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte.

2.4 Maintenance of Loan-to-Value Ratio. The 2.4 Aufrechterhaltung der Loan-to-Value Guarantor undertakes to maintain a Loan- Ratio. Die Garantin verpflichtet sich, ein to-Value Ratio of no more than 60%. Loan-to-Value Ratio von nicht mehr als Notwithstanding any other rights under 60 % einzuhalten. Sollte der Loan-to- this Guarantee, should the Loan-to-Value Value Ratio 60% überschreiten und dieser Ratio exceed 60% and not be reduced to a nicht binnen sechs Monaten ab dem maximum of 60% within six months of the Stichtag des konsolidierten effective date (Stichtag) of either the most Jahresabschlusses oder recent annual Consolidated Financial Halbjahresberichts (jeweils des jüngeren), Statements or half-year report which aus welchem sich die Überschreitung

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evidences the excess and should this ergibt, auf maximal 60 % reduziert und reduction not – within such period of time diese Reduzierung nicht binnen der – be confirmed to have occurred by an genannten Frist von einem external auditor, on the basis of the Wirtschaftsprüfer bestätigt werden, ist die Guarantee, the Guarantor shall – within Garantin auf Grundlage der Garantie six months – undertake appropriate and verpflichtet, unbeschadet der sonstigen reasonable commercially viable measures Rechte in dieser Garantie, dass innerhalb (e.g., the disposal of assets), to reduce the von sechs Monaten geeignete und Loan-to-Value Ratio to a maximum of wirtschaftlich sinnvolle Maßnahmen (z.B. 60%. Until the Loan-to-Value Ratio has über Objektverkäufe) von der Garantin been reduced to a maximum of 60%, the ergriffen werden, um den Loan-to-Value Guarantor shall not distribute any Ratio auf maximal 60 % zurückzuführen. dividends to its shareholders. Bis zur Wiederherstellung des Loan-to- Value Ratio von maximal 60 % wird die Garantin dafür Sorge tragen, dass eine Dividendenausschüttung an die Aktionäre der Garantin unterbleibt.

2.5 Disposal of Core Properties, Partial 2.5 Veräußerung von Kernliegenschaften, Redemption. The Guarantor is directly or Teiltilgung. Die Garantin ist direkt oder indirectly (especially via its Subsidiaries) indirekt (insbesondere über ihre the sole or majority owner of Core Tochtergesellschaften) Allein- oder Properties as defined and specified in Mehrheitseigentümerin der Section 11.2 of the Terms and Conditions Kernliegenschaften wie in Ziffer 11.2 der of the relevant Notes. Emissionsbedingungen der betreffenden Schuldverschreibungen definiert und bestimmt.

(a) If the Guarantor (or the relevant (a) Sollte die Garantin (oder die Subsidiary, which is the sole or jeweilige Tochtergesellschaft, die majority owner of the Core Allein- oder Properties), disposes one or more Mehrheitseigentümerin der Core Properties until full Kernliegenschaften ist) bis zur redemption of the Notes vollständigen Rückzahlung der (together, the "Properties at Schuldverschreibungen eine oder Disposal") in whole or in part and mehrere Kernliegenschaften thus, would be no more the direct (gemeinsam, die or indirect majority owner of the "Veräußerungsliegenschaften") Core Properties (a "Disposal", ganz oder teilweise veräußern whereby a charge of a Core und dadurch nicht mehr direkte Properties which, if deducted oder indirekte from the fair value of the Core Mehrheitseigentümerin der Properties as determined by an Kernliegenschaft sein (ein expert opinion within the most "Veräußerungsfall", wobei eine recent balance sheet, would result Belastung einer in a value less than the Allocated Kernliegenschaft, die dazu führt, Notes Amount (as defined below) dass der Wert der allocated to the Core Properties at Kernliegenschaft bei Abzug der the time of the disposal, also Belastung vom im Rahmen der constitutes a Disposal) the letzten Bilanz gutachtlich Guarantor undertakes to effect festgestellten Verkehrswert such a disposal (or to have such a dieser Kernliegenschaft geringer disposal effected by the relevant ist als der ihr im Zeitpunkt des Subsidiary) only at a purchase Veräußerungsfalls zugeordnete price at least equal to the sum of Allocated Notes Amount (wie (i) the amount necessary in nachstehend definiert), ebenfalls connection with the relevant Core einen Veräußerungsfall darstellt), Properties to satisfy or secure the verpflichtet sich die Garantin, non-subordinated creditors of the eine solche Veräußerung nur zu relevant seller of the Core einem Kaufpreis vorzunehmen

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Properties and (ii) the amount of (oder durch die jeweilige all liabilities ranking equally with Tochtergesellschaft vornehmen an Allocated Notes Amount zu lassen), der zumindest der entered into by the Issuer or a Summe aus (i) dem Betrag, der financing company controlled by im Zusammenhang mit der the Guarantor to finance the jeweiligen Kernliegenschaft für relevant Core Properties. die Befriedigung oder Sicherstellung der nicht nachrangigen Gläubiger des jeweiligen Veräußerers der Kernliegenschaft erforderlich ist, und (ii) dem Betrag aller gleichrangigen Verbindlichkeiten mit einem Allocated Notes Amount, die zur Finanzierung der jeweiligen Kernliegenschaft von der Emittentin oder einer von der Garantin beherrschten Finanzierungsgesellschaft eingegangen worden sind, entspricht.

(b) The Issuer has undertaken under (b) Die Emittentin hat sich unter den the Notes to notify the Holders of Schuldverschreibungen any Disposal within 14 (fourteen) verpflichtet, die Gläubiger über Business Days in accordance einen Veräußerungsfall innerhalb with Section 15 of the Terms and von 14 (vierzehn) Geschäftstagen Conditions of the relevant Notes gemäß Ziffer 15 der and will redeem a part of the Emissionsbedingungen der principal amount of the relevant betreffenden Notes corresponding to the Schuldverschreibungen zu Allocated Notes Amount of the unterrichten und einen dem relevant Property at Disposal at Allocated Notes Amount der the end of the month, providing jeweiligen three months' notice. Veräußerungsliegenschaft entsprechenden Teil des Nennbetrags der betreffenden Schuldverschreibungen unter Einhaltung einer Frist von drei Monaten zum Monatsende zum Nennbetrag tilgen.

(c) The "Allocated Notes Amount" (c) Der "Allocated Notes Amount" of Core Properties with regard to einer Kernliegenschaft entspricht the relevant Notes corresponds to in Bezug auf die betreffenden the amounts specified in the table Schuldverschreibungen den in at the end of Section 11.2 of the der Tabelle am Ende von Ziffer Terms and Conditions of the 11.2 der Emissionsbedingungen relevant Notes. If the aggregate der betreffenden principal amount of the relevant Schuldverschreibungen Notes outstanding increases or bestimmten Werten. Falls der decreases, the Allocated Notes ausstehende Gesamtnennbetrag Amounts will increase or der betreffenden decrease in the same proportion Schuldverschreibungen sich as the aggregate principal amount erhöht oder verringert, verringern of the relevant Notes increased or oder erhöhen sich auch die decreased in relation to the Allocated Notes Amounts in aggregate principal amount prior jenem Verhältnis, in dem der to such an increase or decrease. erhöhte oder verringerte Gesamtnennbetrag der

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betreffenden Schuldverschreibungen zum Gesamtnennbetrag vor der Erhöhung oder Verringerung steht.

If, in the event of a partial redemption, the Sollte im Falle einer Teiltilgung der Allocated Notes Amount of a Property at Allocated Notes Amount einer Disposal would exceed the outstanding Veräußerungsliegenschaft über dem noch aggregate principal amount of the relevant ausstehenden Gesamtnennbetrag der Notes, the Allocated Notes Amount shall betreffenden Schuldverschreibungen be reduced to the outstanding aggregate liegen, so reduziert sich der Allocated principal amount of the relevant Notes. Notes Amount auf den noch ausstehenden Gesamtnennbetrag der betreffenden Schuldverschreibungen.

(d) The Guarantor undertakes, if a (d) Die Garantin verpflichtet sich, im Disposal occurred, to transfer an Veräußerungsfall einen dem amount of the proceeds of the Allocated Notes Amount disposal of the Property at entsprechenden Teil des Disposal (which is equal to the Veräußerungserlöses der Allocated Notes Amount) to the Veräußerungsliegenschaft auf account of an independent das Konto eines unabhängigen trustee, who will release such Treuhänders zu überweisen, amount only for a partial welcher diesen Betrag redemption in accordance with ausschließlich für eine Section 11.2(c) of the Terms and Teiltilgung gemäß Ziffer 11.2(c) Conditions of the relevant Notes. der Emissionsbedingungen der betreffenden Schuldverschreibungen freigeben wird.

2.6 Provision of additional guarantees. 2.6 Bestellung zusätzlicher Garantien

(a) The Guarantor undertakes to (a) Die Garantin verpflichtet sich procure that the Guarantor's dafür Sorge zu tragen, dass die Subsidiaries shall not, directly or Tochtergesellschaften der indirectly, guarantee, assume or Garantin, weder direkt noch in any other manner become indirekt, liable for the payment of any Kapitalmarktverbindlichkeiten Capital Market Indebtedness of der Garantin oder anderer the Guarantor or any other Tochtergesellschaften der Subsidiary, unless such Garantin garantieren oder in Subsidiary simultaneously sonstiger Weise diese guarantees for the due payment of übernehmen oder für sie all amounts payable under any einstehen, es sei denn, dass diese Notes on substantially the same Tochtergesellschaften terms as under the guarantee of gleichzeitig die Zahlung aller such Capital Market fälligen Zahlungsverpflichtungen Indebtedness. im Zusammenhang mit den Schuldverschreibungen in substantiell derselben Weise garantieren wie unter der jeweils übernommenen Garantie für Kapitalmarktverbindlichkeiten.

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guarantee could reasonably be davon auszugehen ist, dass diese expected to give rise to or result Garantie in (i) einer persönlichen in (i) personal liability for the Haftung der Geschäftsleitung officers, directors or shareholders oder Gesellschafter der of the relevant Subsidiary, (ii) betroffenen Tochtergesellschaft any violation of applicable law münden könnte, (ii) einen nicht that cannot be avoided or durch angemessene und der otherwise prevented through Garantin oder measures reasonably available to Tochtergesellschaft zur the Guarantor or such Subsidiary Verfügung stehenden Mittel or (iii) any significant cost, vermeidbaren Verstoß gegen expense, liability or obligation anwendbares Recht nach sich (including with respect of any ziehen würde oder (iii) taxes) other than reasonable out signifikante Kosten, Ausgaben, of pocket expenses and other than Haftungen oder reasonable expenses incurred in Verbindlichkeiten (einschließlich connection with any Steuern) mit Ausnahme governmental or regulatory angemessener Auslagen im filings required as a result of, or Zusammenhang mit staatlichen any measures undertaken in oder regulatorischen connection with, such guarantee. Eintragungen in Folge der Garantie oder sonstiger hierdurch notwendiger Maßnahmen, entstehen würden.

2.7 Reports. The Guarantor undertakes that 2.7 Berichte. Die Garantin verpflichtet sich, for so long as any Notes are outstanding, dass solange Schuldverschreibungen the Guarantor shall publish on its website ausstehen, die Garantin die folgenden in a password protected space: Angaben auf ihrer Homepage in einem passwortgeschützten Bereich veröffentlicht:

(i) audited Consolidated (i) einem geprüften Financial Statements in Konzernabschluss nach accordance with IFRS as den in der EU adopted by the EU and anwendbaren the consolidated International Financial management report in Reporting Standards accordance with (IFRS) und einen section 267 of the Konzernlagebericht nach Austrian Commercial § 267 österreichisches Code Unternehmergesetzbuch (Unternehmensgesetzbu ("UGB"); ch);

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Guarantor with the Verpflichtungserklärung covenant in Section 2.4; en in der Ziffer 2.4 und and

(iii) the audit opinion of the (iii) dem independent auditors on Bestätigungsvermerk the Consolidated des Abschlussprüfers Financial Statements zum Konzernabschluss;

(b) within 90 days after the end of the (b) innerhalb von 90 Tagen nach dem first half of each fiscal year of the Ende des ersten Halbjahres eines Guarantor unaudited condensed Geschäftsjahres der Garantin consolidated semi-annual einen ungeprüften verkürzten financial statements in Konzern-Zwischenabschluss accordance with IFRS as adopted nach den in der EU anwendbaren by the EU and IAS 34, which will IFRS und IAS 34, der Angaben include information on über die Einhaltung der compliance with the covenant in Verpflichtungserklärung in der Section 2.4 and/or, where Ziffer 2.4 enthält und/oder, applicable, confirmations of soweit anwendbar, Bestätigungen compliance; and hinsichtlich der Einhaltung, und

3. PAYMENTS 3. ZAHLUNGEN

3.1 Payments Subject to Applicable Law 3.1 Zahlungen vorbehaltlich von gesetzlichen Payments will be subject in all cases to (a) Regelungen. Alle Zahlungen erfolgen any fiscal or other laws and regulations unter Vorbehalt (a) unbeschadet der applicable thereto in the place of payment, Regelungen dieses „3. Zahlungen“, but without prejudice to the provisions of sämtlichen steuerrechtlichen Regelungen this “3. Payments” and (b) any oder anderen Gesetzen und Regelungen, withholding or deduction required die solche Zahlungen betreffen, und (b) pursuant to an agreement described in einer Einbehaltung oder eines Abzugs section 1471(b) of the U.S. Internal gemäß Abschnitt 1471(b) des U.S. Revenue Code of 1986 (the "Code") or Internal Revenue Code von 1986 (der otherwise imposed pursuant to "Code") oder anderer Regelungen gemäß sections 1471 through 1474 of the Code, den Abschnitten 1471 bis 1474 des Codes any regulations or agreements thereunder, sowie sämtlichen darunter erlassenen any official interpretations thereof, or Vorschriften, förmlichen Interpretationen (without prejudice to the provisions of this und (unbeschadet der Regelungen dieses “3. Payments”) any law implementing an „3. Zahlungen“) Umsetzungsakten, die intergovernmental approach thereto. auf zwischenstaatlichen Vereinbarungen beruhen.

3.2 Additional Amounts. All amounts payable 3.2 Zusätzliche Beträge. Alle in Bezug auf die in respect of the Notes shall be made, and Schuldverschreibungen zu zahlenden the Guarantee shall provide that all Beträge werden ohne Einbehalt oder amounts payable in respect of such Abzug von oder aufgrund von Guarantee shall be made, without gegenwärtigen oder zukünftigen Steuern withholding or deduction for or on oder Abgaben gleich welcher Art gezahlt, account of any present or future taxes or die von oder im Namen eines Landes, in duties of whatever nature imposed or dem die Emittentin bzw. die Garantin levied at source by way of withholding or gegründet wurde, geschäftstätig, deduction by or on behalf of any steuerlich ansässig oder grundsätzlich mit jurisdiction in which the Issuer or the ihren Nettoeinkünften steuerpflichtig ist Guarantor, as applicable, is organised, oder über das oder aus dem Zahlungen auf

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engaged in business, resident for tax die Schuldverschreibungen bzw. die purposes or generally subject to tax on a Garantie geleistet werden, oder einer net income basis or through or from which steuererhebungsberechtigten payment on the Notes or the Guarantee, as Gebietskörperschaft oder Steuerbehörde applicable, is made or any political dieses Landes (jeweils eine subdivision or any authority thereof or "Maßgebliche Steuerjurisdiktion") im therein having power to tax (each, a Wege des Abzugs oder Einbehalts an der "Relevant Taxing Jurisdiction"), unless Quelle auferlegt oder erhoben werden, such withholding or deduction is required und die Garantie muss entsprechende by law. If such withholding with respect Bestimmungen für alle in Bezug auf diese to amounts payable in respect of the Notes Garantie zu zahlenden Beträge an is required by law, the Issuer will pay, and Gesamtnennbetrag samt Zinsen (inklusive the Guarantee shall provide that, if such des vollständigen Rückzahlungsbetrages) withholding with respect to amounts enthalten, es sei denn, ein solcher Abzug payable in respect of such Guarantee is oder Einbehalt ist gesetzlich required by law, the Guarantor will pay, vorgeschrieben. Ist ein Einbehalt in Bezug such additional amounts (the "Additional auf zu zahlenden Beträge auf die Amounts") as shall be necessary in order Schuldverschreibungen gesetzlich that the net amounts received by the vorgeschrieben, so wird die Emittentin Holders, after such withholding or diejenigen zusätzlichen Beträge (die deduction shall equal the respective "Zusätzlichen Beträge") zahlen, die amounts which would otherwise have erforderlich sind, damit die den been receivable in the absence of such Gläubigern zufließenden Nettobeträge withholding or deduction; nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Gläubigern erhalten worden wären und die Garantie muss eine entsprechende Verpflichtung der Garantin vorsehen, falls ein solcher Einbehalt bei in Bezug auf diese Garantie zu zahlenden Beträge an Gesamtnennbetrag samt Zinsen (inklusive des vollständigen Rückzahlungsbetrages) gesetzlich vorgeschrieben ist;

3.3 Exceptions. No such Additional Amounts 3.3 Ausnahmen. Die Verpflichtung zur shall be payable on account of any taxes Zahlung solcher Zusätzlicher Beträge or duties which: besteht jedoch nicht für solche Steuern oder Abgaben:

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are, or for purposes of taxation Garantie aus Quellen in der are deemed to be, derived from Maßgeblichen Steuerjurisdiktion sources in, or are secured in, the stammen (oder für Zwecke der Relevant Taxing Jurisdiction, or Besteuerung so behandelt werden) oder dort besichert sind, oder

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Relevant Taxing Jurisdiction), oder sonstigen Nachweispflicht but in each case, only to the nachzukommen, die extent the Holder or beneficial Voraussetzung für eine Befreiung owner is legally entitled to von in der Maßgeblichen provide such certification, Steuerjurisdiktion erhobenen information or documentation, or Steuern oder eine Reduzierung der Höhe des Abzugs oder Einbehalts solcher Steuern ist (u.a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Maßgeblichen Steuerjurisdiktion ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen oder

(e) are payable by reason of a change (e) die wegen einer Rechtsänderung in law that becomes effective zu zahlen sind, welche später als more than 30 days after the 30 Tage nach Fälligkeit der relevant payment becomes due, betreffenden Zahlung oder, wenn or is duly provided for and notice dies später erfolgt, thereof is published in ordnungsgemäßer Bereitstellung accordance with Section 15 of the aller fälligen Beträge und einer Terms and Conditions, whichever diesbezüglichen occurs later. Bekanntmachung gemäß Ziffer 15 der Emissionsbedingungen wirksam wird.

3.4 Additional Exceptions. No Additional 3.4 Weitere Ausnahmen. Zudem werden keine Amounts shall be paid with respect to any Zusätzlichen Beträge im Hinblick auf payment on a Note to a Holder who is a Zahlungen auf die Schuldverschreibungen fiduciary or partnership or who is other an einen Gläubiger gezahlt, welcher die than the sole beneficial owner of such Zahlung als Treuhänder oder payment to the extent such payment Personengesellschaft oder als sonstiger would be required by the laws of the nicht alleiniger wirtschaftlicher Relevant Taxing Jurisdiction to be Eigentümer der Zahlung erhält, soweit included in the income, for tax purposes, nach den Gesetzen der Maßgeblichen of a beneficiary or settlor with respect to Steuerjurisdiktion eine solche Zahlung für such fiduciary or a member of such Steuerzwecke dem Einkommen des partnership or a beneficial owner who Begünstigten bzw. Gründers eines would not have been entitled to such Treuhandvermögens oder eines Additional Amounts had such beneficiary, Gesellschafters der Personengesellschaft settlor, member or beneficial owner been zugerechnet würde, der jeweils selbst the Holder of the Note. For the avoidance nicht zum Erhalt von Zusätzlichen of doubt, the withholding tax Beträgen berechtigt gewesen wäre, wenn (Kapitalertragsteuer) currently levied in der Begünstigte, Gründer eines the Federal Republic of Germany at the Treuhandvermögens, Gesellschafter oder level of the custodian bank and the wirtschaftliche Eigentümer selbst solidarity surcharge Gläubiger der Schuldverschreibungen (Solidaritätszuschlag) imposed thereon wäre. Zur Klarstellung wird festgehalten, pursuant to tax law as in effect as of the dass die gegenwärtig in der issue date of the relevant series of Notes Bundesrepublik Deutschland gemäß dem do not constitute a tax or duty as described zum Begebungstag der maßgeblichen above in respect of which Additional Serie von Schuldverschreibungen Amounts would be payable by the Issuer. geltenden Steuerrecht auf der Ebene der

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Depotbank erhobene Kapitalertragsteuer und der darauf anfallende Solidaritätszuschlag keine Steuern oder Abgaben der vorstehend beschriebenen Art darstellen, für die von der Emittentin Zusätzliche Beträge zu zahlen wären.

4. RESOLUTIONS OF HOLDERS - 4. BESCHLÜSSE DER GLÄUBIGER - AMENDMENTS TO THE ÄNDERUNGEN DER GARANTIE GUARANTEE

The Holders of each series of Notes may Die Gläubiger jeder Serie von consent to amendments of this Guarantee Schuldverschreibungen können durch in respect of the respective series of Notes Mehrheitsbeschluss gemäß Ziffer 14 der by majority resolution passed in Emissionsbedingungen Änderungen accordance with Section 14 of the Terms dieser Garantie im Hinblick auf die and Conditions, provided that no jeweilige Serie von obligation to make any payment or render Schuldverschreibungen zustimmen. Eine any other performance shall be imposed Verpflichtung zur Leistung kann für die on any Holder by majority resolution. Gläubiger durch Mehrheitsbeschluss nicht Majority resolutions shall be binding on begründet werden. Mehrheitsbeschlüsse all Holders of the respective series of sind für alle Gläubiger der jeweiligen Notes. Resolutions which do not provide Serie von Schuldverschreibungen for identical conditions for all Holders of verbindlich. Ein Mehrheitsbeschluss der the respective series of Notes are void, Gläubiger, der nicht gleiche Bedingungen unless Holders who are disadvantaged für alle Gläubiger vorsieht, ist unwirksam, have expressly consented to their being es sei denn die benachteiligten Gläubiger treated disadvantageously. stimmen ihrer Benachteiligung ausdrücklich zu.

5. DEFINITIONS 5. DEFINITIONEN

"Additional Amounts" has the meaning "Zusätzliche Beträge" hat die diesem assigned to such term in Section 3.2. Begriff in Ziffer 3.2 zugewiesene Bedeutung.

"Affiliate" any affiliated company "Verbundenes Unternehmen" meint ein (verbundenes Unternehmen) within the verbundenes Unternehmen im Sinne von meaning of §189a of the Austrian §189a österreichisches Commercial Code (UGB). Unternehmensgesetzbuch (UGB).

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Projektfinanzierungen jedenfalls keine Kapitalmarktverbindlichkeit darstellen.

"Issue Date" means the issue date of the "Begebungstag" ist der Begebungstag der respective Notes. jeweiligen Schuldverschreibungen.

"Relevant Taxing Jurisdiction" has the "Maßgebliche Steuerjurisdiktion" hat meaning assigned to such term in die diesem Begriff in Ziffer 3.2 Section 3.2. zugewiesene Bedeutung.

"Security Interest" means land charges, "Sicherheit" meint Grundschulden, mortgages, liens, rights of retention or Hypotheken, Pfandrechte, other encumbrances and security interests Zurückbehaltungsrechte oder sonstige in the current or future assets or income of Belastungen und Sicherungsrechte an den the Issuer and/or the Guarantor and/or gegenwärtigen oder zukünftigen their respective subsidiaries. For the Vermögenswerten oder Einkünften der avoidance of doubt, guarantees without Emittentin und/oder der Garantin collateral securities do not constitute a und/oder deren jeweiliger Security Interests within the meaning of Tochtergesellschaften. Zur Vermeidung this definition. von Missverständnissen wird festgehalten, dass Garantien ohne dingliche Besicherung keine Sicherheiten im Sinne dieser Bestimmung darstellen.

"Subsidiary" means any corporation or "Tochtergesellschaft" bezeichnet jede partnership in which the Issuer and/or the Kapital- oder Personengesellschaft, an der

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Guarantor alone or jointly directly or die Emittentin und/oder die Garantin indirectly hold more than 50% of the alleine oder gemeinsam mittelbar oder capital or voting shares or which is unmittelbar mehr als 50 % des Kapitals otherwise directly or indirectly under the oder der stimmberechtigten Anteile halten controlling influence (together or alone) oder die sonst unmittelbar oder mittelbar of the Issuer and/or the Guarantor and/or unter dem beherrschenden Einfluss der their respective subsidiaries within the Emittentin und/oder der Garantin meaning of this provision. und/oder ihrer jeweiligen Tochtergesellschaften (zusammen oder alleine) im Sinne dieser Bestimmung steht.

"Substitute Debtor" means the Guarantor "Nachfolgeschuldnerin" bezeichnet die or any Affiliate of the Guarantor which the Garantin oder ein mit der Garantin Issue chose to substitute for the Issuer as Verbundenes Unternehmen, dass die principal debtor in respect of all Emittentin an ihrer Stelle als obligations arising from or in connection Hauptschuldnerin für alle with the Notes. Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen eingesetzt hat.

6. GOVERNING LAW, PLACE OF 6. ANWENDBARES RECHT, PERFORMANCE, JURISDICTION, ERFÜLLUNGSORT, PARTIAL INVALIDITY GERICHTSSTAND, TEILNICHTIGKEIT

6.1 Governing Law. Form and content of this 6.1 Anwendbares Recht. Form und Inhalt der Guarantee as well as the rights and Garantie sowie die Rechte und Pflichten obligations of the Holders and the der Anleihegläubiger und der Garantin Guarantor are governed by German law unterliegen deutschem Recht unter (excluding the application of referral Ausschluss der Verweisungsnormen des norms of private international law as far as internationalen Privatrechts, soweit diese these would result in the application of in der Anwendung ausländischen Rechts foreign law). resultieren würden.

6.2 Place of Performance. The place of 6.2 Erfüllungsort. Erfüllungsort ist Frankfurt performance is Frankfurt am Main. am Main.

6.3 Jurisdiction. The court in Frankfurt am 6.3 Gerichtsstand. Für alle Main competent to hear commercial Rechtsstreitigkeiten aus oder im matters shall have exclusive jurisdiction Zusammenhang mit dieser Garantie over all legal disputes under or in (einschließlich allfälliger Streitigkeiten im connection with this Guarantee (including Zusammenhang mit außervertraglichen any disputes in connection with non- Schuldverhältnissen, die sich aus oder im contractual obligations that result from or Zusammenhang mit der Garantie ergeben) are in connection with the Guarantee). ist das für Handelssachen jeweils zuständige Gericht in Frankfurt am Main ausschließlich zuständig.

6.4 Costs. All costs, fees, stamp duties and 6.4 Kosten. Alle gegebenenfalls anfallenden transfer taxes as well as notary costs, court Kosten, Gebühren und Verkehrssteuern, fees and similar expenses that result from inklusive Rechtsgeschäftsgebühren, this Guarantee will be borne by the sowie Notarkosten, Gerichtsgebühren und Guarantor. ähnliche Kosten, die aufgrund dieser Garantie anfallen, sind von der Garantin zu tragen.

6.5 Partial Invalidity. Should provisions in 6.5 Teilnichtigkeit. Sollten Bestimmungen this Guarantee be or become fully or dieser Garantie ganz oder teilweise partially invalid or unenforceable, this unwirksam, ungültig oder undurchsetzbar shall not affect the validity and sein oder werden, wird dadurch die

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enforceability of all of the further Wirksamkeit, Gültigkeit oder provisions in this Guarantee. In cases of Durchsetzbarkeit aller übrigen such invalidity or unenforceability a valid Bestimmungen nicht berührt. Im Falle der and enforceable provision that Unwirksamkeit, Ungültigkeit oder commercially most closely reflects the Undurchsetzbarkeit einer dieser contents of the invalid or unenforceable Bestimmungen gilt eine dieser provision will be deemed agreed. Bestimmung im wirtschaftlichen Ergebnis möglichst nahekommende und nicht unwirksame, ungültige oder undurchsetzbare Bestimmung als vereinbart.

6.6 Original Text of Guarantee. The original 6.6 Originaltext der Garantie. Das Original of this Guarantee shall be delivered to, and dieser Garantie wird der Citibank Europe kept by, Citibank Europe PLC in its PLC in ihrer Eigenschaft als Zahlstelle capacity as Paying Agent under the unter dem Programm ausgehändigt und Programme. The Paying Agent does not von dieser verwahrt. Der Zahlstelle act as agent, fiduciary or in any other handelt nicht als Beauftragter, Treuhänder similar capacity for the Holders. oder in einer ähnlichen Eigenschaft für die Gläubiger.

6.7 Holders Third Party Beneficiaries. This 6.7 Gläubiger als begünstigte Dritte. Diese Guarantee constitutes a contract for the Garantie stellt einen Vertrag zugunsten benefit of the Holders from time to time as der Gläubiger als begünstigte Dritte im third party beneficiaries in accordance Sinne des § 328 Abs. 1 BGB dar, der with § 328(1) of the German Civil Code jedem Gläubiger das Recht gibt, die (Bürgerliches Gesetzbuch) giving rise to Garantin unmittelbar aus dieser Garantie the right of each Holder to require auf Erfüllung in Anspruch zu nehmen und performance of this Guarantee directly Ansprüche aus dieser Garantie from the Guarantor and to enforce this unmittelbar gegen die Garantin Guarantee directly against the Guarantor. durchzusetzen.

6.8 Language. This Guarantee is written in the 6.8 Sprache. Diese Garantie ist in deutscher German language and provided with an Sprache abgefasst. Eine Übersetzung in English language translation. The German die englische Sprache ist beigefügt. Der text shall be controlling and binding. The deutsche Text ist bindend und English language translation is provided maßgeblich. Die Übersetzung in die for convenience only. englische Sprache ist unverbindlich.

6.9 Enforcement. Any Holder of Notes may in 6.9 Gerichtliche Geltendmachung. Jeder any proceedings against the Guarantor, or Gläubiger von Schuldverschreibungen ist to which such Holder and the Guarantor berechtigt, in jedem Rechtsstreit gegen die are parties, protect and enforce in his own Garantin oder in jedem Rechtsstreit, in name his rights arising under this dem der Gläubiger und die Garantin Partei Guarantee on the basis of a copy of this sind, seine Rechte aus dieser Garantie im Guarantee certified by an authorised eigenen Namen auf der Grundlage einer person of the Paying Agent without Kopie dieser Garantie, deren presentation of the original Guarantee. Übereinstimmung mit dem Original von einer dazu von der Zahlstelle ermächtigten Person bestätigt wurde, geltend zu machen, ohne dass eine Vorlage des Originals der Garantie erforderlich wäre.

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6. FORM OF FINAL TERMS

FORM OF FINAL TERMS (MUSTER DER ENDGÜLTIGEN BEDINGUNGEN)

Set out below is the form of Final Terms which will be completed for each Tranche of Notes to be issued under the Programme and the Base Prospectus dated November 17, 2020.

[PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97/EU as amended (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.]1

[VERBOT DES VERKAUFS AN KLEINANLEGER IM EUROPÄISCHEN WIRTSCHAFTSRAUM UND IM VEREINIGTEN KÖNIGREICH – Die Schuldverschreibungen sind nicht zum Angebot, zum Verkauf oder zur sonstigen Zurverfügungstellung an Kleinanleger im Europäischen Wirtschaftsraum (EWR) oder im Vereinigten Königreich (VK) bestimmt und sollten Kleinanlegern im EWR oder im VK nicht angeboten, nicht an diese verkauft und diesen auch nicht in sonstiger Weise zur Verfügung gestellt werden. Für die Zwecke dieser Bestimmung bezeichnet der Begriff Kleinanleger eine Person, die eines (oder mehrere) der folgenden Kriterien erfüllt: (i) sie ist ein Kleinanleger im Sinne von Artikel 4 Abs. 1 Nr. 11 der Richtlinie 2014 /65/EU (in ihrer jeweils gültigen Fassung, MiFID II); (ii) sie ist ein Kunde im Sinne der Richtlinie 2016/97/EU (in der jeweils gültigen Fassung), soweit dieser Kunde nicht als professioneller Kunde im Sinne von Artikel 4 Abs. 1 Nr. 10 MiFID II gilt; oder (iii) sie ist kein qualifizierter Anleger im Sinne der Verordnung (EU) 2017/1129 (in der jeweils gültigen Fassung, die Prospektverordnung). Entsprechend wurde kein nach der Verordnung (EU) Nr. 1286/2014 (in der jeweils gültigen Fassung, die PRIIPs-Verordnung) erforderliches Basisinformationsblatt für das Angebot oder den Verkauf oder die sonstige Zurverfügungstellung der Schuldverschreibungen an Kleinanleger im EWR oder im VK erstellt; daher kann das Angebot oder der Verkauf oder die sonstige Zurverfügungstellung der Schuldverschreibungen an Kleinanleger im EWR oder im VK nach der PRIIPs-Verordnung rechtswidrig sein.]

[MiFID II PRODUCT GOVERNANCE / QUALIFIED INVESTORS AND ELIGIBLE COUNTER- PARTIES ONLY TARGET MARKET – Solely for the purposes of [the/each] manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only [each having at least extended knowledge and experience], each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes are appropriate [including investment advice, portfolio management, non-advised sales and pure execution services]. [Consider any negative target market] Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer['s/s'] target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer['s/s'] target market assessment) and determining appropriate distribution channels[, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable].][Insert further details on target market, client categories etc.]

[MiFID II PRODUKTÜBERWACHUNGSPFLICHTEN / ZIELMARKT PROFESSIONELLE INVESTOREN UND GEEIGNETE GEGENPARTEIEN – Ausschließlich für den Zweck des Produktgenehmigungsverfahrens [des/jedes] Konzepteurs, hat die Zielmarktbestimmung in Bezug auf die Schuldverschreibungen zu dem Ergebnis geführt, dass (i) der Zielmarkt für die Schuldverschreibungen ausschließlich geeignete Gegenparteien und professionelle Kundens, [jeweils mit mindestens erweiterten

1 Include legend unless the Final Terms specify "Prohibition of Sales to EEA and UK Retail Investors" as "Not Applicable".

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Kenntnissen und Erfahrungen], wie jeweils in der Richtlinie 2014/65/EU (in der jeweils geltenden Fassung, "MiFID II"), definiert, sind, und (ii) alle Kanäle für den Vertrieb der Schuldverschreibungen angemessen sind [einschließlich Anlageberatung, Portfolio-Management, Verkäufe ohne Beratung und reine Ausführungsdienstleistungen]. [Negativen Zielmarkt berücksichtigen] Jede Person, die in der Folge die Schuldverschreibungen anbietet, verkauft oder empfiehlt (ein "Vertriebsunternehmen") soll die Zielmarktbewertung [des][der] Konzepteur[s/e] berücksichtigen; ein Vertriebsunternehmen, welches MiFID II unterliegt, ist indes dafür verantwortlich, eine eigene Zielmarktbestimmung in Bezug auf die Schuldverschreibungen vorzunehmen (entweder durch die Übernahme oder durch die Präzisierung der Zielmarktbestimmung [des/der] Konzepteur[s/e]) und angemessene Vertriebskanäle[ nach Maßgabe der Pflichten des Vertriebsunternehmens unter MiFID II im Hinblick Geeignetheit bzw. Angemessenheit], zu bestimmen. [Weitere Details bezüglich Zielmarkt, Kundenkategorie etc. einfügen]

[Datum einfügen] [insert date]

Endgültige Bedingungen Final Terms

[Bezeichnung der relevanten Tranche der Schuldverschreibungen einfügen] (die "Schuldverschreibungen") [insert title of relevant Tranche of Notes] (the "Notes")

begeben von issued by

SIGNA Prime Capital Market S.C.S.

garantiert durch guaranteed by

SIGNA Prime Selection AG

aufgrund des pursuant to the

EUR 500,000,000

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Debt Issuance Programme

vom [•] 2020 dated [•] 2020

Ausgabepreis: [•] % [zuzüglich aufgelaufener Zinsen in Höhe von [•] für [•] Tage in dem Zeitraum vom [•] (einschließlich) bis zum [•] (ausschließlich)] Issue Price: [•] per cent. [plus accrued interest in the amount of [•] for [•] days in the period from, and including, [•] to, but excluding, [•]]

Tag der Begebung: [•] Issue Date: [•]

Serien-Nr.: [•] Series No.: [•]

Tranchen-Nr.: [•] Tranche No.: [•]

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WICHTIGER HINWEIS IMPORTANT NOTICE

Diese Endgültigen Bedingungen [wurden für die Zwecke des Artikels 8 (5) in Verbindung mit Artikel 25 (4) der Verordnung (EU) 2017/1129 des Europäischen Parlaments und des Rates vom 17. Juni 2017, in ihrer geänderten Fassung, abgefasst und]2 enthalten Angaben zur Emission von Schuldverschreibungen unter dem EUR 500,000,000 Debt Issuance Programme der SIGNA Prime Capital Market S.C.S. (das "Programm") und sind in Verbindung mit dem Prospekt vom 17. November 2020 ([in der Fassung [des Nachtrags] [der Nachträge] vom [relevantes Datum/relevante Daten einfügen],] der "Prospekt") über das Programm zu lesen. Alle relevanten Informationen über die Emittentin und über das hinsichtlich der Schuldverschreibungen gemachte Angebot sind nur in der Zusammenschau dieser Endgültigen Bedingungen und des Prospekts erhältlich. Kopien des Prospekts und etwaiger Nachträge zum Prospekt [im Fall von Schuldverschreibungen, die an dem geregelten Markt der Luxemburger Börse zum Handel zugelassen sind, einfügen: sowie dieser Endgültigen Bedingungen] sind kostenlos während der üblichen Geschäftszeiten bei [•] und SIGNA Prime Capital Market S.C.S. ([•]) und außerdem auf der Internetseite der Börse Luxemburg (www.bourse.lu) erhältlich.

These Final Terms [have been prepared for the purpose of Article 8 (5) in conjunction with Article 25 (4) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended, and]3 give details of an issue of Notes under the EUR 500,000,000 Debt Issuance Programme of SIGNA Prime Capital Market S.C.S. (the "Programme") and are to be read in conjunction with the Base Prospectus dated November 17, 2020 ([as supplemented by the supplement[s] dated [insert relevant date(s)],] the "Base Prospectus") and pertaining to the Programme. All relevant information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. Copies of the Base Prospectus as well as any supplements to the Base Prospectus [in the case of Notes to be admitted to trading on the regulated market of the Luxembourg Stock Exchange insert: and these Final Terms] are obtainable free of charge during normal business hours from [•] and SIGNA Prime Capital Market S.C.S. ([•]) and also from the website of the Luxembourg Stock Exchange (www.bourse.lu).]

2 Nicht anwendbar bei Schuldverschreibungen, die nicht an einem geregelten Markt zum Handel zugelassen werden. 3 Not applicable in respect of Notes which are not admitted to trading on a regulated market.

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TEIL A: BEDINGUNGEN DER SCHULDVERSCHREIBUNGEN PART A: TERMS AND CONDITIONS OF THE NOTES

Die für die Schuldverschreibungen geltenden Bedingungen der Schuldverschreibungen sowie die unverbindliche englischsprachige Übersetzung sind wie nachfolgend aufgeführt.

The Terms and Conditions applicable to the Notes and the non-binding English language translation thereof are as set out below.

[insert consolidated Terms and Conditions]

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TEIL B: ZUSÄTZLICHE INFORMATIONEN PART B: OTHER INFORMATION

A. WICHTIGE ANGABEN A. KEY INFORMATION

Interessen von Seiten natürlicher oder juristischer Personen, die an der Emission bzw. dem Angebot beteiligt sind

Interests of Natural and Legal Persons Involved in the Issue or the Offering

[[Mit Ausnahme [der an [den] [die] Manager zu zahlenden Gebühren] [des] [der] wirtschaftlichen [Interesses] [Interessen] [des Managers] [der Manager]] [des von [•] mit der Emittentin im Zusammenhang mit den Schuldverschreibungen eingegangenen [Swapvertrags] [Derivate-vertrags]] [haben die] [Die] an der Emission bzw. dem Angebot der Schuldverschreibungen beteiligten Personen [haben] – soweit die Emittentin hiervon Kenntnis hat – kein materielles Interesse an der Emission bzw. dem Angebot.] [Einzelheiten angeben]

[[Save for [the fees payable to the Manager[s]] [the commercial interest[s] of the Manager[s]] [the [swap] [derivatives] agreement [•] and the Issuer have entered into with regard to the Notes], so] [So] far as the Issuer is aware, no person involved in the issue or offering of the Notes has an interest material to the issue or the offering.] [specify details]

Keine None

Gründe für das Angebot und Verwendung der Erträge [Nicht anwendbar] [Einzelheiten angeben] Reasons for the Offer and Use of Proceeds [Not applicable] [specify details]

[Geschätzter Nettoerlös [([einschließlich aufgelaufener Zinsen in [•] Höhe von [•] [, aber]] [ausschließlich [Provisionen] [der geschätzten Gesamtkosten der Emission])] Estimated Net Proceeds [([including accrued interest in the amount of [•] [,but]] [excluding [Commissions and Concessions] [the estimated total expenses of the issue])]

B. INFORMATIONEN ÜBER DIE ZUM HANDEL ZUZULASSENDEN SCHULDVERSCHREIBUNGEN B. INFORMATION CONCERNING THE NOTES TO BE ADMITTED TO TRADING

Wertpapierkennnummern Security Codes

ISIN [•] ISIN

Common Code [•] Common Code

Wertpapierkennnummer (WKN) [•] German Security Code

Sonstige Wertpapierkennnummer [•] Any Other Security Code

Emissionsrendite im Fall von Rückzahlung bei Endfälligkeit [Nicht anwendbar] [[•] % per annum] Issue Yield in Case of Redemption at Final Maturity [Not applicable] [[•] per cent. per annum]

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Vertretung der Gläubiger unter Angabe der die Gläubiger vertretenden [Gemäß Abschnitt 14 der Organisation und der für diese Vertretung geltenden Bestimmungen. Anleihebedingungen können Angabe des Ortes, an dem die Öffentlichkeit die Verträge, die diese die Gläubiger zur Repräsentationsformen regeln, einsehen kann Wahrnehmung ihrer Rechte einen gemeinsamen Vertreter für alle Gläubiger bestimmen.] [Nicht anwendbar]

Representation of the Holders including an identification of the [Pursuant to Section 14 of the organisation representing the Holders and provisions applying to Terms and Conditions, the such representation. Indication of where the public may have access Holders may appoint a joint to the contracts relating to these forms of representation representative to exercise the Holders' rights on behalf of each Holder.] [Not applicable]

Beschlüsse, Ermächtigungen und Billigungen, welche die Grundlage [Die Ermächtigung zur für die Schaffung/Emission der Schuldverschreibungen bilden Emission der Schuldverschreibungen erfolgte gemäß Beschluss des Vorstands vom [•] [und gemäß Beschluss des Investitionsausschusses des Aufsichtsrats vom [•]].] [Einzelheiten angeben]

Resolutions, authorisations and approvals by virtue of which the [The issue of the Notes was Notes will be created and/or issued authorised by a resolution of the Board of Management of the Issuer dated [•] [and by a resolution of the Investment Committee of the Supervisory Board of the Issuer dated [•]].] [specify details]

Name und Adresse der registerführenden Stelle [Clearstream Banking AG Neue Börsenstrasse 8 60487 Frankfurt am Main Deutschland]

[Namen und Adresse einer anderen Stelle einfügen]

Name and address of the entity in charge of keeping the records [Clearstream Banking AG Neue Börsenstrasse 8 60487 Frankfurt am Main Germany]

[insert name and address of another entity]

C. ZULASSUNG[EN] ZUM HANDEL UND HANDELSMODALITÄTEN C. ADMISSION[S] TO TRADING AND DEALING ARRANGEMENTS

Zulassung[en] zum Handel Admission[s] to Trading

[ Regulierter Markt "Bourse de Luxembourg" Regulated Market "Bourse de Luxembourg"

Sonstige Börse [Namen der Börse einfügen] Other Stock Exchange

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[insert name of Stock Exchange]

Erwarteter Termin der Zulassung[en] [•] Expected Date of Admission[s]

Geschätzte Gesamtkosten für die Zulassung zum Handel [•] [(wird von den Managern gezahlt)] [Nicht anwendbar] Estimate of the total expenses related to the admission to trading [•] [(to be paid by the Managers)] [Not applicable]

D. ZUSÄTZLICHE INFORMATIONEN D. ADDITIONAL INFORMATION

Rating[s] Rating[s]

[Die Schuldverschreibungen haben] [Es wird erwartet, dass die [Rating(s) einfügen] [Nicht Schuldverschreibungen] [das folgende Rating] [die folgenden anwendbar] Ratings] [haben]4: [The Notes have been] [It is expected that the Notes will be] rated as [Rating(s) to be inserted] [Not follows5: applicable]

[Einzelheiten darüber einfügen, ob die jeweilige Ratingagentur ihren Sitz in der Europäischen Union hat und gemäß Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über Ratingagenturen, in ihrer geänderten Fassung, registriert ist (gemäß dem aktuellen Verzeichnis der registrierten Ratingagenturen, das auf der Internetseite der Europäischen Wertpapier- und Marktaufsichtsbehörde (www.esma.europa.eu) veröffentlicht ist) oder die Registrierung beantragt hat. Insert details on whether the relevant rating agency is established in the European Union and is registered (pursuant to the current list of registered and certified credit rating agencies published on the website of the European Securities and Markets Authority (www.esma.europa.eu)) pursuant to Regulation (EC) no 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended, or has applied for registration.]

Verkaufsbeschränkungen Selling Restrictions

Prohibition of Sales to EEA and UK Retail Investors [Applicable] 6.1.1.1 (If the Notes clearly do not constitute "packaged" products, [Not applicable] "Not Applicable" should be specified. If the Notes will may constitute "packaged" products, "Applicable" should be specified.)

Verbot des Verkaufs an EWR und GB Retail Investoren [Anwendbar] (Falls die Schuldverschreibungen eindeutig keine „packaged" [Nicht anwendbar] Produkte darstellen, sollte „Nicht anwendbar" konkretisiert werden. Falls die Schuldverschreibungen „packaged" Produkte darstellen, sollte „Anwendbar" konkretisiert werden).

Informationen von Seiten Dritter [Nicht anwendbar] Third Party Information [Not applicable]

[[Die oben aufgeführten Ratings wurden in der von der jeweils maßgeblichen Ratingagentur erhaltenen Form wiedergegeben] [[und] [relevante Informationen angeben] wurde[n] aus [relevante Informationsquelle angeben] extrahiert]. Die Emittentin bestätigt, dass diese Angaben korrekt wiedergegeben wurden und nach Wissen der Emittentin und – soweit für sie aus den von [relevante Informationsquelle angeben] veröffentlichten Angaben ersichtlich – keine Auslassungen beinhalten,

4 Falls die Schuldverschreibungen Einzelratings erhalten, sind diese Ratings einzufügen. 5 In case the Notes receive an individual ratings insert such ratings.

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die die wiedergegebenen Angaben inkorrekt oder irreführend gestalten würden. Die Emittentin hat diese Angaben nicht selbständig überprüft und übernimmt keine Verantwortung für ihre Richtigkeit. [The ratings set out above have been sourced from each relevant rating agency] [[and] [specify relevant information] [has] [have] been extracted from [specify relevant source of information]]. The Issuer confirms that such information has been accurately reproduced and that, as far as it is aware and is able to ascertain from information published by [specify relevant source of information], no facts have been omitted which would render the reproduced information inaccurate or misleading. The Issuer has not independently verified any such information and accepts no responsibility for the accuracy thereof.]

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7. DESCRIPTION OF THE ISSUER

7.1 Formal Description of Issuer

The legal and commercial name of the Issuer is SIGNA Prime Capital Market S.C.S. and the company was incorporated on October 23, 2020 for an indefinite period of time and is operating under the laws of the Grand Duchy of Luxembourg. The Issuer (LEI 529900R8NX8TWCAAQ266) is registered with the Luxembourg Trade and Companies' Register under Register Number B248132 and has its registered office at 5, rue Heienhaff, L-1736 Senningerberg, Grand Duchy of Luxembourg (tel. +352 268662-1). The Issuer does not have a website.

7.2 Organizational Structure

SIGNA Prime Capital Market S.C.S. is incorporated as a partnership limited by shares (société en commandite simple) under the laws of the Grand Duchy of Luxembourg.

Pursuant to Article 3 of the limited partnership agreement of the Issuer dated October 23, 2020 (the "Limited Partnership Agreement"), the purpose of the Issuer is the holding of participations in any form whatsoever in Luxembourg and foreign companies, limited partnerships or other entities and any other form of investment, the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or otherwise of securities of any kind and the administration, management, control and development of its portfolio in view of its realization by sale, public offering exchange or otherwise. The Issuer may further guarantee, grant security, grant loans or otherwise assist the companies in which it holds a direct or indirect participation or right of any kind or which form part of the same group of companies as the Issuer. The Issuer may raise funds especially through borrowing in any form or by issuing any kind of notes, securities or debt instruments, bonds and debentures and generally issue securities of any type.

The Issuer is dependent on the Guarantor. Please refer to the diagram in section "8.2 Description of the Guarantor and the Group - Organizational Structure" for an overview of the Issuer's position within the Group.

7.3 Share Capital / Shareholder Structure

According to the Limited Partnership Agreement, the Issuer can issue the following classes of partnership interest:

• unlimited partnership interest(s) (the "Unlimited Partnership Interest(s)"), which can be held only by general partner(s) (associé(s) commandité(s)), and

• limited partnership interest(s) (the "Limited Partnership Interest(s)" and, together with the Unlimited Partnership Interest(s), the "Partnership Interest(s)") which can be issued in several classes.

The Issuer's capital is currently set at EUR 1,000 represented by one Unlimited Partnership Interest held by SIGNA Prime Finance Management S.à r.l., (the "General Partner") and 999 Limited Partnership Interests with a nominal value of EUR 1 each held by SIGNA Prime Selection AG (the "Limited Partner"). SIGNA Prime Finance Management S.à r.l. does not carry on any business activities other than as the General Partner of SIGNA Prime Capital Market S.C.S. There are no other commitments in respect of capital contributions from the General Partner and SIGNA Prime Selection AG.

The capital of the Issuer may be increased by amendment of the Limited Partnership Agreement by the sole decision of the General Partner, which is subject to the restrictions set out in Section 7 of the Limited Partnership Agreement. In order to do so, the General Partner is entitled to issue at its sole discretion new Limited Partnership Interests of any class, in exchange for the payment of the subscription price by the new or existing Limited Partners, subject to the condition that the Partnership Interests held by the General Partner in any class must always remain below 5% of the total Partnership Interest.

The General Partner may also at its sole discretion decide to decrease the capital of the Issuer in accordance with the provisions of the law by redeeming any Partnership Interest from the holder subject to the condition that the Partnership Interests held by the General Partner in any class must always remain below 5% of the total Partnership Interests, and that there is always at least one Unlimited Partnership Interest and one Limited Partnership Interest in issue. Furthermore, the General Partner can only use amounts effectively

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distributable to redeem Partnership Interests, and therefore, any redemption price described in the Articles of Association can never exceed the amount of the total distributable profits of the Issuer.

The Issuer may accept contributions without issuing Partnership Interests or other securities in consideration and may allocate such contributions to one or more reserves. Decisions as to the distribution of any such reserves are to be taken by the general meeting of shareholders. The reserves may, but do not need to, be allocated to the contributor, as it may be decided at the time such contributions are made to the Issuer.

7.4 Statutory Auditors

KPMG Luxembourg, Société coopérative ("KPMG Luxembourg"), 39, Avenue John F. Kennedy, L-1855 Luxembourg have been appointed statutory auditors of the Issuer. KPMG Luxembourg is a Cabinet d’ Audit agréé (Approved Audit firm) by the CSSF.

7.5 Business Overview

The Issuer has been established as a special purpose vehicle for the purpose of issuing the Notes under the Programme. The Issuer has not previously carried on any business or activities other than those connected with its incorporation and is dependent on the Group. Please see the diagram in section 8.2 "Organizational Structure" below.

7.6 Administration, Management and Supervisory Bodies of the Issuer

The Issuer is managed by a management board, which is comprised of four members:

Position at SIGNA Prime Name Capital Market S.C.S. Business Address Michael Robert ...... Manager 5, rue Heienhaff, 1736 Senningerberg, Grand Duchy of Luxembourg Timo Jäger ...... Manager 5, rue Heienhaff, 1736 Senningerberg, Grand Duchy of Luxembourg Achim Mattes ...... Manager 5, rue Heienhaff, 1736 Senningerberg, Grand Duchy of Luxembourg Manuel Pirolt ...... Manager Maria-Theresien-Straße 31, 6020 Innsbruck, Austria

The members of the management board hold the following additional mandates in supervisory bodies:

Additional Positions, where significant with respect to Position at SIGNA Prime Capital Name Market S.C.S. Michael Robert ...... Management board positions: • SIGNA Prime Finance Management S.à r.l. Timo Jäger ...... Management board positions: • SIGNA Prime Finance Management S.à r.l. Achim Mattes ...... Management board positions: • SIGNA Prime Finance Management S.à r.l. Manuel Pirolt ...... Management board positions: • SIGNA Prime Selection AG, Director • SIGNA Development Selection AG • SIGNA US Selection AG • SIGNA Innovations Selection AG

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Additional Positions, where significant with respect to Position at SIGNA Prime Capital Name Market S.C.S. • SIGNA KidINVEST Development AG

• SIGNA Prime Holding GmbH

Foundation board position: • Laura Privatstiftung

7.7 Conflicts of Interest

Mr. Pirolt is a member of the management board of the Issuer and the Guarantor and conflicts of interest could arise between his duties as Chief Financial Officer of the Guarantor and his duties to the Issuer. In addition, Michael Robert, Timo Jäger and Achim Mattes hold positions on the management board of the General Partner and conflicts of interest could arise between their duties as managers of the General Partner and their duties to the Issuer. Other than the foregoing, there are no potential conflicts of interest between any duties to the Issuer of any of the members of the management board of the Issuer and their private interests and/or other duties.

7.8 Financial Information

Except for the first financial year, which began on October 23, 2020 and will terminate on December 31, 2020, the financial year of the Issuer shall begin on January 1 and shall terminate on December 31 of each year. No historical financial information relating to the Issuer is available.

7.9 Legal and Arbitration Proceedings

As of the date of this Base Prospectus, there have been no legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) which may have, or have had in the recent past, significant effects on the Issuer's financial position or profitability.

7.10 Significant Change in the financial position or financial performance of the Issuer

There has been no material adverse change in the prospects of the Issuer since its incorporation.

As of the date of this Base Prospectus, there has been no significant change in the financial performance and the financial position of the Issuer since its incorporation on October 23, 2020.

There have been no relevant recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency.

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8. DESCRIPTION OF THE GUARANTOR AND THE GROUP

8.1 Formal Description of Guarantor

The Guarantor's legal name is SIGNA Prime Selection AG, operating under its commercial name "SIGNA Prime" (the "Guarantor" or "SIGNA Prime"), was incorporated on October 14, 2010 as a stock corporation (Aktiengesellschaft), and is operating, under the laws of the Austria. SIGNA Prime (LEI 529900QXIULR159BEM47) is registered with the commercial register (Handelsregister) of the regional court of Innsbruck under the number FN 353435 h. SIGNA Prime's registered office and business address is Maria-Theresien-Straße 31, 6020 Innsbruck, Austria (tel. +43 512 58 51 19-0, with a branch registered office (Zweigniederlassung) at Freyung 3, Palais Harrach, 1010 Vienna, Austria (tel. +43 1 53 29 848-0).

8.2 Organizational Structure

The following diagram depicts, in simplified form, SIGNA Prime's corporate structure.

8.3 Business Overview

SIGNA Prime is part of the SIGNA Group, a privately owned European investment and industrial group under the umbrella of SIGNA Holding specializing primarily in the retail and real estate sectors. SIGNA Group comprises three distinct legally and economically independent business divisions: SIGNA Real Estate, SIGNA Retail and SIGNA Media. In turn, SIGNA Real Estate comprises SIGNA Prime, SIGNA Development Selection, SIGNA US Selection, SIGNA Luxury Hotels and SIGNA Innovations.

With total assets of EUR 14.0 billion as of June 30, 2020, SIGNA Prime is one of the largest European non-listed commercial real estate groups (Source: Internal, based on Valuation). SIGNA Prime holds, manages and develops properties in prime city-centre locations in major German-speaking cities.

SIGNA Prime believes it benefits from a well-balanced financing mix. Instruments include mortgage loans, corporate bonds and loans, structured equity instruments such as profit participation certificates, and shareholder’s equity. The Long-term Portfolio, comprising long-term lease agreements with long-term financing, plays a key role in the company’s stability. Company policy is to prevent the consolidated Loan to Value ratio (LTV) from exceeding 60% of total equity and liabilities.

Through its 100% subsidiary SIGNA Real Estate Management GmbH ("SIGNA REM"), SIGNA Prime covers the entire value-chain of real estate services, for its own portfolio and for selected third parties. SIGNA REM is a highly experienced service provider with a 20-year track record, primarily covering asset management, leasing and transactions, project development, marketing, research, construction supervision, facility management and central management services.

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SIGNA Prime is run by a Management Board of five experienced executives. Ten members of the Supervisory Board, including several representatives of institutional shareholders, monitor its operations. As of December 31, 2019, 211 employees worked in its various entities, predominantly within SIGNA Prime Selection AG and SIGNA REM. Besides real estate professionals, SIGNA Prime employs experts for human resources, accounting, corporate finance, controlling, tax, portfolio management and other supporting functions.

SIGNA Prime operates as an integrated and independent real estate investment company. Within SIGNA Group, SIGNA Prime has a clearly differentiated focus ("value generation and long-term ownership of prime city-centre assets"). At the same time, SIGNA Prime has various business and strategic relationships with other companies of the SIGNA Group, including arms-length service- and lease agreements. SIGNA Prime believes the relationship to SIGNA Group is one of our strengths providing several competitive advantages, including the leveraging of SIGNA Group's size, relationships and expert know-how to achieve significant cost and strategic synergies.

One of SIGNA Prime’s core elements in terms of managing the capital structure is maintaining a solid equity position. As of June 30, 2020 SIGNA Prime has a Net Asset Value6 of EUR 5,190 million, non- controlling interests of EUR 382 million and profit participation rights (including interest liabilities) of EUR 1,058 million, which in aggregate amount to EUR 6,629 million (the "Economic Equity"). SIGNA Prime has have increased our Economic Equity in each year since December 31, 2012, when it amounted to EUR 714 million.

8.4 Portfolio Overview

As a real estate owner with a long-term perspective, SIGNA Prime holds and manages centrally located commercial properties within the largest cities in Germany, Austria, Switzerland and Northern Italy. Due to their prime locations, these properties are typically well-known in their respective markets. The portfolio comprises some of SIGNA Prime's landmark assets such as the KaDeWe luxury department store (Tauentzienstraße 21-24, Berlin, "KaDeWe"), the office tower Upper West, Berlin ("Upper West"), the corner property Alsterarkaden opposite the Hamburg town hall ("Alsterarkaden") and the Goldenes Quartier, comprising the two assets Tuchlauben, Vienna ("Tuchlauben"), a luxury mixed-use asset, and Am Hof 2, Vienna ("Park Hyatt") including the hotel Park Hyatt Vienna. In 2020, SIGNA Prime expanded its portfolio into Switzerland by acquiring a 50% share in additional assets in Zurich, Basel, Bern and St. Gallen.

Further, SIGNA Prime seeks to grow its portfolio by engaging in real estate developments, refurbishments or other forms of optimizations. The current portfolio of 16 development projects, located in Berlin, Munich, Hamburg, Vienna and in other city centers in Germany, Austria and South Tyrol (Northern Italy), is due for completion in the next two to six years with expected remaining investment costs of approximately EUR 4.4 billion after June 30, 2020 (not including investments in any potential future acquisitions).

SIGNA Prime's business is divided primarily into two different portfolios: the Long-Term Portfolio (including several leased minor assets reported within this segment) and the New Investments Portfolio. For the time being, SIGNA Prime maintains a Trading Portfolio comprising several non-strategic GALERIA Karstadt Kaufhof properties that SIGNA Prime expects to sell in the coming years.

8.4.1 The Long-Term Portfolio

Representing its major strategic segment, SIGNA Prime holds a Long-Term Portfolio of commercial properties in city-centres of Germany, Austria and Switzerland. Long-term contractual lease- and financing arrangements and stable value growth through lease indexation and professional asset management are the foundational principles of the portfolio.

As of June 30, 2020, Annualized Rent Income in the Long-Term Portfolio was EUR 233.6 million and its occupancy rate by gross lease area ("GLA") was 97.5%. As of June 30, 2020, the Long-Term Portfolio had a weighted average lease term (i.e. the remaining average contractual lease term of unexpired leases with a contractually fixed maturity, taking into account special termination rights, WALT) of approximately 18.7

6 Calculated based on the Best Practices Recommendations issued by the European Public Real Estate Association

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years and a GLA of approximately 626,000 sqm. The Long-Term Portfolio assets are financed with senior loans with an average term to maturity of 19.6 years as of June 30, 2020.

With its closing on May 20, 2020, SIGNA Prime set foot into Switzerland by acquiring seven assets in Zurich, Basel, Bern and St. Gallen in a 50:50 joint venture with Central Group. Its main tenant, Magazine zum Globus, is a well-known department store operator. SIGNA Prime financed the transaction with a short-term acquisition facility, which SIGNA Prime is in the process of refinancing via long-term single- asset-loans. SIGNA Retail and Central Group have simultaneously acquired the tenant. The Globus assets are classified as Long-Term assets, due to their long-term rental agreements.

8.4.2 The New Investments Portfolio

SIGNA Prime seeks to grow its Long-Term Portfolio by acquiring under-utilized or under-valued real estate projects with what it believes to be high value-generating potential, which can be refurbished, repositioned and redeveloped. During planning and construction, SIGNA Prime reports these activities within its New Investments Portfolio. The current New Investments in German, Austrian and Italian city-centres are intended to be developed over a period of two to six years with most of the properties intended to become long-term core assets in the Long-Term Portfolio. Selectively, SIGNA Prime sells assets in order to optimize the portfolio structure.

8.4.3 The Trading Portfolio

As of June 30, 2020, SIGNA Prime held 33 non-strategic GALERIA Karstadt Kaufhof department stores in its Trading Portfolio. 30 of these assets are held in a 50:50 Joint Venture with RFR Holding GmbH (the "RFR Joint Venture") and are planned to be sold by 2021. A further three assets are held in a Joint Venture with the hausinvest fund of Commerz Real, with SIGNA Prime indirectly holding a 75.7% stake. These are planned to be sold by 2025.

In July 2020, SIGNA Prime completed the sale of 21 assets (from the RFR Joint Venture). After which sale only 12 assets remain in the Trading Portfolio thereafter.

8.5 Recent Material Transactions

On July 21, 2020, SIGNA Prime as 50:50 joint venture partner with RFR closed the sale of 21 department stores with tenant GKK to Apollo. The deal was originally signed in March 2020. The transaction reduced the Trading Portfolio of 33 GKK assets held for sale as of June 30, 2020, down to 12 remaining assets and thereby, considerably reducing the risk of the portfolio.

On July 21, 2020, SIGNA Prime as 50:50 joint venture partner with Central Group signed the acquisition of freehold ownership for the Carsch-Haus in Dusseldorf, which was formerly held as leasehold (Erbbaurecht), and a substructure right (Unterbaurecht) for Heinrich Heine square from the City of Dusseldorf. In addition, an adjacent property at Kasernenstraße 6 was acquired 100% by SIGNA Prime from the same seller.

On July 23, 2020, the ordinary Annual Assembly took place. Besides other standard items of approval, the Assembly approved Karl Gernandt, representative of shareholder Kühne Holding, as tenth member of the Supervisory Board, effective immediately. Also, the Assembly approved a dividend distribution of EUR 3.15 per share, therefore EUR 201.1 million in total distributions, payable until the end of 2020.

On July 23, 2020, an extraordinary Annual Assembly took place. Inter alia, the Assembly empowered the Management Board until March 31, 2021 to issue up to EUR 250 million of participation notes with a conversion option and further approved the prolongation of the existing term of empowerment of the management board to issue participation certificates until July 31, 2023.

On September 14, 2020, SIGNA Prime signed the acquisition of three assets in Hamburg and one in Mün- ster from Quantum, of which two are regarded as non-core assets expected to be sold in the future.

On September 15, 2020, SIGNA Prime signed the acquisition of a property in the immediate vicinity of the Munich town hall at Marienplatz. SIGNA Prime expects to refurbish the well-located asset into a mixed- use commercial building.

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On September 23, 2020, SIGNA Prime signed the acquisition of an asset in Essen comprising of four separate buildings leased predominantly to the state of North Rhine-Westphalia (Nordrhein-Westfalen) and GKK. North Rhine-Westphalia's excellent credit rating (S&P: AA, Moody’s: Aa1, Fitch: AAA), leads us to believe rental cash flows will be low-risk and therefore it is a suitable addition to the Long-term Portfolio.

On September 30, 2020, SIGNA Prime’s tenant GKK successfully concluded a creditor protection scheme (Schutzschirmverfahren) under § 270b of the German Insolvency Code. As a result, GKK has been able to emerge from the restructuring proceedings and started the fiscal year per October 1, 2020 with a restructured balance sheet and streamlined operations.

8.6 Share Capital / Shareholder Structure

As of June 30, 2020, SIGNA Prime’s fully paid-up share capital amounted to EUR 63,852,751, divided into 63,852,751 shares with no par value.

The Articles of Association provide for contingent capital of EUR 486,562 no par value shares, subject to Supervisory Board approval.

SIGNA Holding directly and indirectly holds a majority (52.3%) of SIGNA Prime's outstanding share capital. There is no controlling stake by any individual shareholder. The remaining 46% is held by various institutional investors, including RAG-Stiftung (6.0%), the investment vehicle MIELI II (managed by Madison International Realty on behalf of the Hong Kong Monetary Authority) (5.0%), the investment firm FFP controlled by the French Peugeot family (5.0%), Kühne Immobilia AW GmbH (5.0%), insurance group R+V (5.0%) and Haselsteiner Familien-Privatstiftung (5.0%). To the best of our knowledge no other shareholder owns more than 5.0% of SIGNA Prime's outstanding share capital.

8.7 Statutory Auditors

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft ("KPMG"), Kudlichstraße 41, 4020 Linz, has audited the consolidated financial statements of SIGNA Prime as of and for the years ended December 31, 2019 and 2018 (the "Annual Financial Statements"), which were prepared by SIGNA Prime management in the German language and in accordance with IFRS and the additional requirements of the Austrian Commercial Code (Unternehmensgesetzbuch "UGB"), and issued in each case an unqualified auditor's report (Bestätigungsvermerk) in the German language.

8.8 Administration, Management and Supervisory Board of the Guarantor

SIGNA Prime utilizes a two-tier management and oversight structure, consisting of the management board (Vorstand, the "Board of Management") and the supervisory board (Aufsichtsrat, the "Supervisory Board").

8.8.1 Board of Management

The Board of Management consists of five members. As of the date of this Base Prospectus, its members are:

Name Position at SIGNA Prime Business Address Timo Herzberg ...... Chief Executive Officer Kantstraße 164, 10623 Berlin, (Germany) Ger-many Christoph Stadlhuber ...... Chief Executive Office (Austria) Freyung 3, 1010 Vienna, Austria Manuel Pirolt ...... Chief Financial Officer Maria-Theresien-Straße 31, 6020 Innsbruck, Austria Tobias Sauerbier ...... Chief Operating Officer Maximiliansplatz 12, 80333 (Germany) Munich, Germany Claus Stadler ...... Chief Operating Officer Freyung 3, 1010 Vienna, Austria (Austria)

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The members of the Board of Management hold the following additional mandates in supervisory bodies:

Name Additional activities (as of June 30, 2020) Timo Herzberg ...... Management board position: • SIGNA Development Selection AG

Supervisory board positions: • SIGNA Innovations Selection AG • SIGNA KidINVEST Development AG • SIGNA US Selection AG • SIGNA Prime Capital Market GmbH

Christoph Stadlhuber ...... Management board positions: • SIGNA Development Selection AG • SIGNA Holding GmbH

Supervisory board positions: • SIGNA Innovations Selection AG (chairman) • SIGNA Real Estate Capital Partners Development I Holding AG (chairman) • KIKA Möbel-Handelsgesellschaft m.b.H. • Rudolf Leiner Gesellschaft m.b.H. • SIGNA KidINVEST Development AG • SIGNA US Selection AG • SIGNA Prime Capital Market GmbH • SIGNA Real Estate Capital partners Development I Holding

Manuel Pirolt ...... Management board positions: • SIGNA Development Selection AG • SIGNA US Selection AG • SIGNA Innovations Selection AG • SIGNA KidINVEST Development AG • SIGNA Prime Holding GmbH

Foundation board position: • Laura Privatstiftung

Tobias Sauerbier ...... Management board position: • SIGNA Development Selection AG

8.8.2 Supervisory Board

The Supervisory Board shall consist of no less than three members, and no greater than ten members. As of the date of this Base Prospectus, its members are:

Name, Position Principal activities outside of SIGNA Prime Business Address Dr. Alfred Gusenbauer . Management positions: 3 Freyung, 1010 Vienna, Chairman • Gusenbauer Projektentwicklung & Austria Beteiligung GmbH, owner & managing director • HPH Privatstiftung, managing director • Haselsteiner Familien-Privatstiftung, managing director • Wartenfels Privatstiftung, managing director

Supervisory board positions:

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Name, Position Principal activities outside of SIGNA Prime Business Address • Cudos Capital AG, chairman of the supervisory board • SIGNA Development Selection AG, chairman of the supervisory board • SIGNA KidINVEST Development AG, chairman of the supervisory board • STRABAG SE, chairman of the supervisory board

Dr. Karl Stoss ...... Management position: 3 Freyung, 1010 Vienna, Vice Chairman • JAF Privatstiftung, managing director Austria

Supervisory board positions: • Bundes-Sport GmbH, member of the supervisory board • Olympic Austria GmbH, member of the supervisory board • Silvretta Montafon Holding GmbH, member of the supervisory board • Stiftung Propter Homines, member of the foundation board

Dr. Susanne Riess ...... Management positions: 3 Freyung, 1010 Vienna, • BWA Beteiligungs- und Verwaltungs- Austria Aktiengesellschaft, chairman of the board • Bausparkasse Wüstenrot Aktiengesellschaft, chairman of the board • Gut Aiderbichl Stiftung Österreich gemeinnützige Privatstiftung, managing director • Oesterreichische Nationalbank, member of the general council

Supervisory board positions: • Einlagensicherung AUSTRIA Ges.m.b.H, member of the supervisory board • SIGNA Development Selection AG, member of the supervisory board • VERBUND AG, member of the supervisory board • Wüstenrot & You AG, chairman of the supervisory board • Wüstenrot Versicherungs- Aktiengesellschaft, chairman of the supervisory board

KR Karl Samstag ...... Management positions: 3 Freyung, 1010 Vienna, • A & I Beteiligung und Management Austria GmbH, owner & authorized officer (Prokurist)

Supervisory board position: • VAMED Aktiengesellschaft, member of the supervisory board

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Name, Position Principal activities outside of SIGNA Prime Business Address Dr. Karl Sevelda ...... Management position: 3 Freyung, 1010 Vienna, • Custos Privatstiftung, managing Austria director • Europäisches Forum Alpbach gemeinnützige Privatstiftung, member of the management board

Supervisory board positions: • SIGNA Development Selection AG, member of the supervisory board • RHI Magnesita N.V., non-executive member of the Board • Siemens Aktiengesellschaft Österreich, member of the supervisory board • Liechtensteinische Landesbank AG, non-executive member of the Board

Robert Peugeot ...... Management position: 3 Freyung, 1010 Vienna, • FFP Group, Chairman Austria

Supervisory board positions: • PSA Groupe, member of the supervisory board • Safran Group, member of the supervisory board • Tikehau Capital Advisors, member of the supervisory board • Faurecia, member of the super supervisory board • Sofina, member of the supervisory board

Mattias Cordier, BA ..... Management position: 3 Freyung, 1010 Vienna, • Madison International Realty LLC, Austria managing director • Madison VI Real Estate GmbH, managing director • Sochribel GmbH, managing director • Sochribel Fixtures GmbH, managing director

Supervisory board positions: • Capital Park SA, member of the supervisory board • Cavatina Office sp. z.o.o. , member of the supervisory board • Oslo Bay District AS, member of the supervisory board • European Logistics Investment B.V. , member of the supervisory board • Sierra Portugal Fund, member of the advisory committee

Dr. Jürgen Rupp ...... Management position: 3 Freyung, 1010 Vienna, • RAG Stiftung, CFO Austria

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Name, Position Principal activities outside of SIGNA Prime Business Address Karl Gernandt ...... Management positions: 3 Freyung, 1010 Vienna, • Kuehne+Nagel Group, Member of the Austria Audit Committee • Hapag-Lloyd AG, Vice Chairman of the Board of Directors • Kühne Immobilia GmbH, Managing Director • Kühne Logistics University, chairman of the supervisory board

Supervisory board positions: • Kühne + Nagel (AG&Co.) KG, chairman of the supervisory board • Kühne Logistics University, chairman of the supervisory board • HELP Logistics AG non-executive member of the Board • Hochgebirgsklinik Davos AG, Chairman of the Board of Directors • Medizin Campus Davos AG, non- executive member of the Board

Dipl.-Kfm. Rainer de None 3 Freyung, 1010 Vienna, Backere ...... Austria

8.8.3 Conflicts of Interests

Mr. Pirolt is a member of the management board of the Issuer and the Guarantor and conflicts of interest could arise between his duties to the Issuer and his duties as the Chief Financial Officer of the Guarantor. In addition, Dr. Alfred Gusenbauer, Dr. Susanne Riess and Dr. Karl Sevelda hold positions on the supervisory boards of other SIGNA Group entities while serving on the supervisory board of the Guarantor which could lead to conflicts of interest arising between their duties to those Group companies and their duties to the Guarantor. Other than the foregoing, there are no potential conflicts of interest between any duties to the Guarantor or the Issuer of any of the members of the management board or supervisory board of the Guarantor and their private interests and/or other duties.

8.9 Legal and Arbitration Proceedings

During the ordinary course of its business activities, SIGNA Prime could be involved in legal proceedings, both as a claimant and as a defendant. These proceedings are routine matters of tenancy and other laws, and do not have a significant impact on SIGNA Prime's business.

SIGNA Prime is not and has not been party to any governmental, legal or arbitration proceedings (including any pending or threatened proceedings) during the previous 12 months, which significantly affected SIGNA Prime's financial position or profitability.

As of the date of this Base Prospectus, there are no legal and regulatory proceedings and claims pending that SIGNA Prime currently believes could have a material adverse effect on its business, net assets, financial condition, cash flow, or results of operations. However, SIGNA Prime is party to claims, investigations and other legal proceedings that arise in the ordinary course of SIGNA Prime's business (including litigation with current or former employees). SIGNA Prime is involved in numerous contractual relationships with brokers, valuation companies, technical surveyors, tenants, with contractors and subcontractors and other parties. These relationships expose SIGNA Prime to a variety of potential claims. Such claims may, for instance, include claims for broker fees, or claims for maintenance of properties that have been leased from SIGNA Prime.

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8.10 Financial Information

The date of the latest audited financial information is December 31, 2019. The audited consolidated financial statements of SIGNA Prime Selection AG as of and for the financial years ended December 31, 2019 and December 31, 2018 (together, the "Annual Financial Statements") have been prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS"), and the additional requirements of the Austrian Commercial Code (Unternehmensgesetzbuch) "UGB". The unaudited condensed consolidated financial statements of the Guarantor for the six-month period ending June 30, 2020 (the "Interim Financial Statements" and together with the Annual Financial Statements, the "Financial Statements") were prepared on the basis of IFRS applicable to interim financial reporting as adopted by the European Union. The Financial Statements are incorporated by reference in and form part of this Base Prospectus. Please see section 13.1 "Documents Incorporated by Reference" below.

As of June 30, 2020, SIGNA Prime had EUR 716.5 million in aggregate principal amount of senior notes outstanding, of which an aggregate EUR 312 million mature within the next five years and EUR 404.5 million mature in more than five years, the majority of which were issued by the special purpose vehicles and have the benefit of an unconditional guarantee by the Guarantor.

The following table sets forth the remaining contractual maturities of financial liabilities as of June 30, 2020. The amounts are undiscounted. Payments of principal and interest are shown separately. Maturities are shown for non-derivative and derivative financial liabilities.

Contractual cash flows 30-Jun-20 1 year or less 1-5 years more than 5 years Carrying EURk amount Interest Principal Interest Principal Interest Principal Profit participation rights ...... 1,062,577 60,992 227,577 205,136 250,000 316,510 585,000 Bonds ...... 716,500 28,676 - 90,540 312,000 325,172 404,500 Loans and borrowings ... 5,731,294 128,038 784,572 471,326 2,067,019 1,073,997 2,879,704 Lease liabilities ...... 26,321 613 1,586 2,282 5,381 6,795 19,354 Operating liabilities ...... 65,992 - 65,992 - - - - Other liabilities ...... 790,846 15,666 255,517 62,572 535,330 - - Total ...... 8,393,531 233,984 1,335,244 831,856 3,169,730 1,722,474 3,888,558

8.11 Rating

As of the date of this Base Prospectus, SIGNA Prime AG is rated with an A+ (outlook stable) corporate rating from Creditreform Rating AG ("Creditreform"). Where a Tranche of Notes is rated, it will be rated by Creditreform and such rating will be specified in the relevant Final Terms.

A credit rating is not a recommendation to buy, sell or hold Notes and may be revised, reduced or withdrawn by the rating agency at any time.

Creditreform is established in the European Union and is registered under Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of September 16, 2009 on credit rating agencies, amended by Regulation (EU) No. 513/2011 of the European Parliament and of the Council of March 11, 2011 (the "CRA Regulation"). The European Securities and Markets Authority publishes on its website a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Articles 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update.

8.12 Material Agreements

8.12.1 The Existing Credit Facility Agreement

The Guarantor is party to four existing credit facility agreements as borrower and seven existing credit facility agreements as guarantor (the "Existing Credit Agreements"). The Existing Credit Agreements contain aggregate utilization amounts ranging from EUR 11.85 million to EUR 200 million. Of this debt, EUR 175 million will mature at the end of 2020, EUR 130 million will mature in 2021 and the remainder of EUR 540.6 million will mature between 2022 and 2025. Interest payable under the Existing Credit Agreement ranges from 1.7% to 4.5% p.a. over EURIBOR.

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The Existing Credit Agreements are mostly secured by account pledges, share pledges or assignments in relation to present and future receivables of the Guarantor and its subsidiaries, and typically contain financial covenants customary for corporate real estate borrowings, in particular with respect to an LTV ratio. The maximum LTV ratios allowed depend on the quality and size of the financed properties, the market conditions at the time the loan was provided and the lender. A few of the Existing Credit Agreements also contain liquidity-related financial covenants such as minimum debt-service cover ratios. In addition, some agreements contain a fixed minimum equity requirement or equity ratio covenant. The breach of financial covenants usually allows the bank to terminate the respective loan and claim early repayment of the entire loan unless the breach is cured by a (partial) repayment, or, as the case may be, the granting of additional security interests.

The loan agreements contain representations, information, corporate and property-related undertakings and termination rights customary for corporate real estate borrowings. There is no indication that any representations or material undertakings have been breached. Termination rights exist if (interest, amortization or other) payments are not made when due, financial covenants are not complied with, the borrower becomes insolvent or defaults on other financial liabilities, representations or warranties turn out to have been incorrect, information obligations are violated or other material contractual obligations are not complied with (unless the respective violation can be and is cured within a contractually specified period). In addition, some of the loan agreements contain termination rights of the respective bank if the control over the Guarantor changes.

8.13 Trend Information

Since December 31, 2019, the date of the Guarantor's last published audited financial statements, there has been no material adverse change in the prospects of the Guarantor.

There has been no significant change in the financial performance and the financial position of the Group since June 30, 2020, the end of the last financial period for which financial information for the Group has been published, to the date of this Base Prospectus.

8.14 Environmental, Social and Governance Approach

As one of Europe’s largest non-listed commercial real estate groups by gross asset value (Source: Internal), SIGNA Prime believes that with challenges such as climate change and ever-increasing urbanization, following a model of sustainable development that will safeguard our future viability is key. Economic success, environmental protection and social responsibility are equally important goals – regardless of where we are active.

We strive to fully integrate the Triple-Bottom-Line approach of "People – Planet – Profit" into our corporate decision-making process. Sustainability is a consideration throughout our corporate structure, including in management decisions, day-to-day business activities and long-term corporate planning. Our project and portfolio managers are tasked with implementing sustainability requirements in our projects with a particular focus on architectural quality, financial soundness and the specific environmental requirements of the individual projects.

Our sustainability implementation plan is based on the so-called ESG standards, an industry recognized term for sustainably managing a business. The "E" stands for "Environment" and considers energy efficiency, CO2 emissions and environmental protection; the "S" stands for "Social" and suggests including aspects such as occupational safety, health protection and diversity in business decisions and the "G" stands for "Governance", i.e. maintaining a vigilant compliance and risk management system. The focus of the ESG standards is to promote sustainable construction and buildings in order to conserve natural resources, reduce CO2 emissions and minimize negative environmental impacts. We believe that our own adherence to the ESG standards reflects our business partners' expectations to comply with ESG, the increasing importance of ESG for investors, banks and adherence to legal requirements, the growing societal awareness of ESG and an increased willingness of our potential customers to purchase ESG products.

As part of an interdisciplinary approach, we are currently working on further developing our ESG strategy with targets, measures and key performance indicators ("KPIs"), as well as designing and preparing an ESG Report 2020 in accordance with the Global Reporting Initiative (GRI) Standards. We began this process in June 2020 and anticipate that it will be completed by May 2021. Additionally, we signed the UN Global Compact, a voluntary initiative to implement universal sustainability principles. To reach our goal

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of achieving an ESG rating, we are evaluating potential ESG ratings and providers in line with current market standards and based on industry peers. Furthermore, we have started to identify development projects to be financed by sustainable financing instruments.

8.14.1 SIGNA Prime's ESG Management

We have established an ESG organization to manage sustainability throughout our company. Our ESG Group Strategy Manager assists the ESG Council and the Management Board and is responsible for the implementation of the ESG strategy and underpinning ESG policies. The ESG Group Strategy Manager's tasks comprise, amongst other things, the following:

• ESG Issues Management (identification of new requirements and development of policies);

• ESG Information Management (internal communication of requirements);

• Coordination and monitoring;

• Implementation and support of ESG projects;

• Internal ESG audits; and

• Enhancement of ESG reporting including targets, measures and KPIs.

Project and asset managers implement the ESG guidelines for existing projects and for projects in development. The ESG guidelines consider ecological construction methods and utilizations that retain the property’s value for all stakeholders and the wellbeing of tenants, while taking into account architectural quality, financial solidity and specific project conditions.

To develop our ESG management framework, we identified relevant ESG topics through a materiality analysis. Benchmarks, peer group reports, and employee surveys were used to analyze whether topics were of relevance to our business and various stakeholders, such as investors, tenants, public authorities, and employees. The identified topics were then clustered into three ESG fields of action: Sustainable Buildings, Attractive Employer, and Corporate Governance and Compliance.

8.14.2 Sustainable Buildings

Buildings and architecture that are sustainable in the long-term conserve natural resources, reduce carbon emissions, and minimize environmental impact. We aim, along the entire value chain, to create sustainable buildings in accordance with ESG standards, to reduce the environmental footprint of our buildings and to manage our properties in an energy-efficient manner. Furthermore, we aim to implement the United Nations Sustainable Development Goals (SDGs) on "Affordable and clean energy", "Sustainable cities and communities", and "Climate action."

Going forward, we target 100% green building certification based on internationally recognized standards (such as Leadership in Energy and Environmental Design, "LEED", and Building Research Establishment Environmental Assessment Method, "BREEAM" certification) for all of our new investments and buildings under development. Wherever feasible, we look to meet national green building standards such as Deutsche Gesellschaft für Nachhaltiges Bauen ("DGNB") in Germany and Österreichische Gesellschaft für Nachhaltige Immobilienwirtschaft in Austria. As of the date of this prospectus, we have received BREEAM certifications for our properties Am Hof 2 and Tuchlauben, a DGNB Gold Certification for the office Tower Upper West in Berlin, LEED Gold precertification for our project Mariahilferstraße 10-18 in Vienna, and are currently seeking LEED Gold certification for 88% of our New Investments Portfolio.

In our effort to achieve certification, we focus on the environmental, health and safety risks and opportunities before we acquire a particular property to ensure that it meets ESG standards or so that we can modify it quickly after the acquisition to ensure compliance. For example, energy-efficient usage is enhanced by the use of heat pumps, district heating/cooling, geothermal energy, and electricity from photovoltaic systems. A large-scale greening concept can also be used on SIGNA’s premises for cooling and fostering biodiversity. We also pay attention to accessibility to existing or planned transportation systems when evaluating properties. This includes links to local public transportation and considerations such as all-weather bicycle parking facilities, parking spaces for electric vehicles in underground garages,

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or appropriate charging infrastructures. To support the transition to e-mobility, we are evaluating collaboration with electric car manufacturers and car sharing providers.

Safety, physical health, and well-being of property users is a top priority. To prevent environmental, health and safety risks, we conduct ESG due diligence ahead of major building acquisitions. Furthermore, we evaluate the feasibility of certifications according to the WELL Building Standard which is already applied at our Elbtower and Gänsemarkt properties in Hamburg. In the course of a development project, we seek to give affected tenants and direct neighbors advance notice of construction activities and schedules. In the event of a conflict of interests, we aim to find solutions amenable to all parties. It is our policy to deploy environment, safety and health coordinators on the construction sites to ensure that the companies and service providers comply with the applicable standards.

Although we do not have a production process comparable to the industry sector, our business uses electricity, district heating/cooling and natural gas. We work to reduce the energy consumed by our properties and the related greenhouse gas emissions. We have also implemented initiatives, such as the "reduce plastic, waste & CO2" and "save energy & resources" initiatives, to raise awareness of workplace environmental protection and to focus on conserving resources.

8.14.3 Attractive Employer

Our goal is to be a preferred employer in the real estate industry. To achieve that goal, we are focusing on developing a system for employee training, personnel development programs and open feedback processes. In 2019, we created the "Leave your SIGNAture" brand to encourage and motivate our employees to think entrepreneurially with out-of-the box approaches to problems facing our business and industry, all within the context of a corporate culture of diversity, mutual respect, fairness, integrity and teamwork. We offer a broad range of internal training measures from basic to continuing advanced training courses to ensure that our employees are able to perform current and future tasks. These training measures include project management, managing meetings, effective speaking and presentation skills and specific training programs on employment law and leasehold property. We also provide our employees with feedback through formal appraisals on an annual basis through which they can further improve their skills and advance to higher positions.

We are also working towards creating a more highly diversified workforce. We believe that diversity and equality of opportunity contribute to the Company’s success and is a reflection of the stakeholders with whom we interact on a daily basis.

Under International Labour Standards, workers may participate in collective bargaining, freedom of association and freedom of speech. We also set ourselves high standards of ethical conduct and in upholding human rights in our daily work in accordance with the United Nations Charter and the European Convention on Human Rights. We aim to avoid adverse human rights impacts that could be caused by our business activities, work in a non-discriminatory environment, and reject all forms of modern slavery - child labor, compulsory labor and forced labor.

We work to support the health and safety of our employee’s by expanding our range of ergonomic workplaces, offering extensive health services, placing emphasis on occupational safety, designing our sites to meet the highest standards of modern working conditions, supporting each other in maintaining health and safety standards and training employees accordingly.

We have further adopted precautionary measures to help prevent the spread of COVID-19 following legal regulations and guidance from public health authorities. These measures include, among other things, hand hygiene and respiratory etiquette, use of (non-medical) face masks and coverings, physical distancing, enhanced environmental cleaning and disinfection as well as guidance for management and staff.

8.14.4 Corporate Governance and Compliance

We believe that transparent, ethical, and responsible corporate governance is the basis for the long-term success of our business activities. Furthermore, we believe good corporate governance enables us to create considerable added value for our clients, generate an attractive return, be a preferred employer to our employees and a recognized member of the real estate community. We strive to conduct ourselves ethically and with integrity in all of our corporate actions, to comply with internally recognized standards and to take

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environmental and social aspects into account in our day-to-day business activities and long-term business planning. In that regard, we voluntarily uphold the rules of the Austrian Code of Corporate Governance.

Our compliance program seeks to maintain public trust in our business, prevent reputational risks and specify mandatory guidelines for our employees. We have appointed a chief compliance officer ("CCO") who is responsible for compliance measures, defines important topics to strengthen compliance and promotes and monitors compliance activities throughout our business. Our CCO reports to the Management Board and Supervisory Board at least once a year on the progress of compliance activities and important compliance matters. Among other issues, our compliance system focuses on preventing corruption, bribery, and money laundering, and the training of employees to ensure that our compliance initiatives are implemented throughout our business. We are currently undergoing an independent audit of our compliance management system (CMS).

We have an anti-bribery and anti-corruption policy in place and have guidelines on the receipt of benefits and conflicts of interest, that prohibit accepting illicit benefits from suppliers and clients. Furthermore, these guidelines prohibit requesting or granting illicit benefits. In the event of potential conflicts of interest, the guidelines provide a defined process aimed at managing them correctly. The overall framework for preventing corruption, bribery, and corruptibility is evaluated on an annual basis.

Furthermore, we have an anonymous whistle-blowing policy in place under which employees can anonymously report any violations of our compliance policy and have a zero-tolerance policy toward compliance violations of any kind. Employees are obliged to immediately report any violations of applicable law, the SIGNA Code of Conduct, internal guidelines, or a potential conflict of interests to their line manager, the compliance officer, or the CCO. We also have an independent external ombudsman whom employees can contact anonymously.

Our key aspects of sustainable corporate governance are integrity, responsibility, fairness, compliance and transparency. We believe these key aspects build the foundation of our long-term corporate success and our ethical compass in dealing with each other and with our business partners. These principles are formalized in our SIGNA Code of Conduct and SIGNA Code of Conduct for Business Partners.

We aim to be fully compliant with all relevant environmental regulatory requirements within our countries of operation. As of the date of this Prospectus, we are not aware of any findings of non-compliance in the fields of ESG within the last three years.

8.15 Outlook

The outlook on the economic environment in Germany, Austria, Switzerland and Northern Italy continues to be subject to uncertainty as a result of the COVID-19 pandemic. Certain risks for companies in the commercial real estate sector have increased due to the COVID-19 pandemic, including risks related to defaults on lease payments, tenant insolvencies, the termination or non-extension of leases, and valuation losses in their property portfolios. In addition, the COVID-19 pandemic has increased the chance that refurbishment and redevelopment projects may face delays, due to disruptions in construction activity or delays in processes related to the issuance or approval of building rights or permits. SIGNA Prime nonetheless believes that demand for ultra-prime inner-city properties in Germany, Austria, Switzerland and Northern Italy will remain resilient.

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9. USE OF PROCEEDS

Except as otherwise described in the relevant Final Terms, if applicable, the net proceeds of the issue of each Tranche of Notes will be applied be on-lent to SIGNA Prime to meet part of SIGNA Prime's general financing requirements.

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10. TAXATION AND TAXATION WARNING

The following is a general overview of certain Luxembourg and Austrian tax consequences of the acquisition and ownership of Notes. This overview does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes. As each Tranche of Notes may be subject to a different tax treatment due to the specific terms of such Tranche of Notes as set out in the respective Final Terms, the following overview only provides very general information on the possible tax treatment. In particular, this overview does not consider any specific facts or circumstances that may apply to a particular investor. This overview is based on the laws of the Grand Duchy of Luxembourg, Austria and Germany currently in force and as applied on the date of this Prospectus. These laws are subject to change, possibly with retroactive or retrospective effect.

POTENTIAL INVESTORS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS OF LUXEMBOURG, AUSTRIA AND GERMANY AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS.

10.1 Taxation in Luxembourg

10.1.1 Withholding Tax

Non-resident holders of Notes

Under Luxembourg general tax laws currently, there is no withholding tax on payments of principal, premium or interest made to non-resident holders of Notes, nor on accrued but unpaid interest in respect of the Notes, nor is any Luxembourg withholding tax payable upon redemption or repurchase of the Notes held by non-resident holders of Notes, provided that the interest on the Notes does not depend on the profit of the Issuer.

Resident holders of Notes

Under Luxembourg general tax laws currently in force and subject to the law of 23 December 2005, as amended (the "Relibi Law") and mentioned below, there is no withholding tax on payments of principal, premium or interest made to Luxembourg resident holders of Notes, nor on accrued but unpaid interest in respect of Notes, nor is any Luxembourg withholding tax payable upon redemption or repurchase of Notes held by Luxembourg resident holders of Notes, provided that the interest on the Notes does not depend on the profit of the Issuer.

However, under the Relibi Law, payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the benefit of an individual beneficial owner who is resident of Luxembourg will be subject to a withholding tax of 20%. Such withholding tax will be in full discharge of income tax if the beneficial owner is an individual acting in the course of the management of his/her private wealth. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent. Payments of interest under the Notes coming within the scope of the Relibi Law would be subject to a withholding tax of 20%.

Further, Luxembourg resident individuals acting in the course of the management of their private wealth, who are the beneficial owners of interest or similar income made or ascribed by a paying agent established outside Luxembourg in a Member State of the European Union or the European Economic Area may also opt for a final 20% levy, providing full discharge of Luxembourg income tax. In such case, the 20% levy is calculated on the same amounts as the 20% withholding tax for payments made by Luxembourg resident paying agents. The option for the 20% final levy must cover all interest payments made by the paying agents to the Luxembourg resident beneficial owner during the entire civil year. Responsibility for the declaration and the payment of the 20% final levy is assumed by the individual resident beneficial owner of the interest or similar income.

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10.1.2 Income Taxation

Non-resident holders of Notes

A non-resident holder of Notes, who has neither a permanent establishment, a permanent representative nor a fixed place of business in Luxembourg to which/whom such Notes are attributable, is not subject to Luxembourg income tax on interest accrued or received, redemption premiums or issue discounts, under the Notes. A gain realized by such non-resident holder of Notes on the sale or disposal, in any form whatsoever, of the Notes is further not subject to Luxembourg income tax.

A non-resident corporate holder of Notes or an individual holder of Notes acting in the course of the management of a professional or business undertaking, who has a permanent establishment, a permanent representative or fixed place of business in Luxembourg to which/whom such Notes are attributable, is subject to Luxembourg income tax on interest accrued or received, redemption premiums or issue discounts, under the Notes and on any gains realized upon the sale or disposal, in any form whatsoever, of the Notes.

Resident corporate holders of Notes

A corporate holder of Notes must include any interest accrued or received, any redemption premium or issue discount, as well as any gain realized on the sale or disposal, in any form whatsoever, of the Notes, in its taxable income for Luxembourg income tax assessment purposes.

A corporate holder of Notes that is governed by the law of 11 May 2007 on family estate management companies, as amended, or by the law of 17 December 2010 on undertakings for collective investment, or by the law of 13 February 2007, on specialized investment funds, as amended, or by the law of 23 July 2016 on reserved alternative funds is neither subject to Luxembourg income tax in respect of interest accrued or received, any redemption premium or issue discount, nor on gains realized on the sale or disposal, in any form whatsoever, of the Notes.

Resident individual holders of Notes

An individual holder of Notes, acting in the course of the management of his/her private wealth, is subject to Luxembourg income tax in respect of interest received, redemption premiums or issue discounts, under the Notes, except if (i) withholding tax has been levied on such payments in accordance with the Relibi Law, or (ii) the individual holder of the Notes has opted for the application of a 20% tax in full discharge of income tax in accordance with the Relibi Law.

A gain realized by an individual holder of Notes, acting in the course of the management of his/her private wealth, upon the sale or disposal, in any form whatsoever, of Notes is not subject to Luxembourg income tax, provided this sale or disposal took place more than six months after the Notes were acquired. However, any portion of such gain corresponding to accrued but unpaid interest income or assimilated thereto (e.g., issue discount, redemption premium, etc.) is subject to Luxembourg income tax, except if tax has been levied on such interest in accordance with the Relibi Law.

An individual holder of Notes acting in the course of the management of a professional or business undertaking must include any interest accrued or received, any redemption premium or issue discount, as well as any gain realized on the sale or disposal, in any form whatsoever, of the Notes in its taxable basis for income tax purposes.

10.1.3 Net Wealth Taxation

A corporate holder of Notes, whether it is resident of Luxembourg for tax purposes or, if not, it maintains a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which such Notes are attributable, is subject to Luxembourg wealth tax on such Notes, except if the holder of Notes is governed by the law of 11 May 2007 on family estate management companies, as amended, or by the law of 17 December 2010 on undertakings for collective investment, or by the law of 13 February 2007 on specialized investment funds, as amended, or by the law of 23 July 2016 on re-served alternative funds, or is a securitization company governed by the law of 22 March 2004 on securitization, as amended, or is a capital company governed by the law of 15 June 2004 on venture capital vehicles, as amended.

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However, please note that securitisation companies governed by the law of 22 March 2004 on securitization, as amended, or capital companies governed by the law of 15 June 2004 on venture capital vehicles, as amended, or reserved alternative investment funds governed by the law of 23 July 2016 and which fall under the special tax regime set out under article 48 thereof remain subject to minimum net wealth tax.

This minimum net wealth tax amounts to EUR 4,815, if the relevant holder of Notes holds assets such as fixed financial assets, receivables owed to affiliated companies, transferable securities, postal checking accounts, checks and cash, in a proportion that exceeds 90% of its total balance sheet value and if the total balance sheet value of these very assets exceeds EUR 350,000. Alternatively, if the relevant holder of Notes holds 90% or less of financial assets or if those financial assets do not exceed EUR 350,000, a mini-mum net wealth tax varying between EUR 535 and EUR 32,100 would apply depending on the size of its balance sheet.

An individual holder of Notes, whether he/she is resident of Luxembourg or not, is not subject to Luxembourg wealth tax on such Notes.

10.1.4 Other Taxes

Inheritance and Gift Tax

Under present Luxembourg tax law, in the case where a holder of Notes is a resident for tax purposes of Luxembourg at the time of his death, the Notes are included in his taxable estate, for inheritance tax purposes. In addition, gift tax may be due on a gift or donation of Notes, if the gift is recorded in a Luxembourg deed.

Registration Tax

There is no Luxembourg registration tax, stamp duty or any other similar tax or duty payable in Luxembourg by the holders of Notes as a consequence of the issuance of the Notes, nor will any of these taxes be payable as a consequence of a subsequent transfer or redemption or repurchase of the Notes, except if the Notes are either (i) attached as an annex to an act (annexés à un acte) that itself is subject to mandatory registration or (ii) deposited in the minutes of a notary (déposés au rang des minutes d'un notaire). In such cases, as well as in case of a voluntary registration, the Notes will be subject to a fixed EUR 12 duty payable by the party registering, or being ordered to register, the Notes.

Value Added Tax

There is no Luxembourg value added tax payable by a holder of Notes in respect of payments in consideration for the issue of the Notes or in respect of the payment of interest or principal under the Notes, or the transfer of the Notes.

Residence

A holder of Notes will not become resident, or deemed to be resident, in Luxembourg by reason only of the holding of such Note or the execution, performance, delivery and/or enforcement of that or any other Note.

Common Reporting Standard

The Organisation for Economic Co-operation and Development has developed a new global standard for the annual automatic exchange of financial information between tax authorities (the "CRS"). The CRS has been implemented into Luxembourg domestic law via the law dated 18 December 2015 concerning the automatic exchange of information on financial accounts and tax matters and implementing the EU Directive 2014/107/EU. The regulation may impose obligations on Intesa Luxembourg and its holder of Notes, if Intesa Luxembourg is actually regarded as a reporting Financial Institution under the CRS, so that the latter could be required to conduct due diligence and obtain (among other things) confirmation of tax residency (through the issuance of self-certifications forms by the holder of Notes), the tax identification number and CRS classification of the holder of Notes in order to fulfil its own legal obligations.

Prospective investors should contact their own tax advisers regarding the application of CRS to their particular circumstances.

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10.2 Taxation in Austria

10.2.1 Income Taxation

Individuals

Individuals having a domicile and/or their habitual abode, both as defined in sec. 26 of the Austrian Federal Fiscal Procedures Act, in Austria are subject to income tax in Austria on their worldwide income (unlimited income tax liability). Individuals having neither a domicile nor their habitual abode in Austria are subject to income tax only on income from certain Austrian sources (limited income tax liability).

Corporations

Corporations having their place of management and/or their legal seat both as defined in sec. 27 of the Austrian Federal Fiscal Procedures Act, in Austria are subject to corporate income tax in Austria on their worldwide income (unlimited corporate income tax liability). Corporations having neither their place of management nor their legal seat in Austria are subject to corporate income tax only on income from certain Austrian sources (limited corporate income tax liability).

10.2.1.1 Non-resident corporate holders of Notes – limited corporate income tax liability

Individuals and corporations subject to limited (corporate) income tax liability in Austria are taxable on income from the Notes if they have a permanent establishment in Austria and the Notes are attributable to such permanent establishment (cf. sec. 98(1)(3) of the Austrian Income Tax Act, sec. 21(1)(1) of the Austrian Corporate Income Tax Act).

Corporations (without a PE) are not subject to limited corporate income tax liability in Austria with income from interests without an Austrian nexus.

Corporations (without a PE) are not subject to limited corporate income tax liability in Austria on income from interest with an Austrian nexus, because no withholding tax is levied according to Austrian Income Tax Act.

10.2.1.2 Non-resident individual holders of Notes – limited income tax liability

Individuals are not subject to limited income tax liability in Austria with income from interests without an Austrian nexus.

Individuals subject to limited income tax liability in Austria are also taxable on interest in the sense of sec. 27(2)(2) of the Austrian Income Tax Act and accrued interest in the sense of sec. 27(6)(5) of the Austrian Income Tax Act from the Notes if the (accrued) interest has an Austrian nexus and if withholding tax is levied on such (accrued) interest.

This does not apply to an individual being resident in a state with which automatic exchange of information exists, if the individual provides a certificate of residence to the withholding agent. Interest with an Austrian nexus is interest the debtor of which has its domicile, place of management and/or its legal seat in Austria or is an Austrian branch of a non-Austrian credit institution; accrued interest with an Austrian nexus is accrued interest from securities issued by an Austrian issuer (sec. 98(1)(5)(b) of the Austrian Income Tax Act).

10.2.1.3 Resident corporate holders as Business Assets – unlimited income tax liability

Pursuant to sec. 7(2) of the Austrian Corporate Income Tax Act, corporations subject to unlimited corporate income tax liability in Austria are subject to corporate income tax on income in the sense of sec. 27(1) of the Austrian Income Tax Act from the Notes at a rate of 25%.

Income in the sense of sec. 27(1) of the Austrian Income Tax Act from the Notes with an Austrian nexus is generally subject to withholding tax at a flat rate of 27.5%. However, pursuant to sec. 93(1a) of the Austrian Income Tax Act, the withholding agent may apply a 25% rate if the debtor of the withholding tax is a corporation. Such withholding tax can be credited against the corporate income tax liability.

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Pursuant to sec. 13(3)(1) in connection with sec. 22(2) of the Austrian Corporate Income Tax Act, private foundations pursuant to the Austrian Private Foundations Act fulfilling the prerequisites contained in sec. 13(3) and (6) of the Austrian Corporate Income Tax Act and holding the Notes as non-business assets are subject to interim taxation at a rate of 25% on interest income, income from realised increases in value and income from derivatives given that the flat rate pursuant to sec. 27a(1) of the Austrian Income Tax Act is applicable.

10.2.1.4 Resident individual holders of Notes as Business Assets – unlimited income tax liability

Investment income from the Notes without an Austrian nexus must always be included in the investor's income tax return and is subject to income tax at the flat rate of 27.5%.

Individuals subject to unlimited income tax liability in Austria holding the Notes as business assets are subject to income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. Investment income from the Notes with an Austrian nexus is subject to withholding tax at a flat rate of 27.5%.

In both cases upon application the option exists to tax all income subject to income tax at a flat rate pursuant to sec. 27a(1) of the Austrian Income Tax Act at the lower progressive income tax rate (option to regular taxation pursuant to sec. 27a(5) of the Austrian Income Tax Act).

While withholding tax has the effect of final taxation for income from the letting of capital, income from realised increases in value and income from derivatives must be included in the investor's income tax return (nevertheless income tax at the flat rate of 27.5%). An option for offsetting losses in the case of investment income subject to Austrian withholding tax exists pursuant sec. 97(2) of the Austrian Income Tax Act.

10.2.1.5 Resident individual holders of Notes as Private Assets – unlimited tax liability

Investment income from the Notes without an Austrian nexus must be included in the investor's income tax return and is subject to income tax at the flat rate of 27.5%. In both cases upon application the option exists to tax all income subject to income tax at a flat rate pursuant to sec. 27a(1) of the Austrian Income Tax Act at the lower progressive income tax rate (option to regular taxation pursuant to sec. 27a(5) of the Austrian Income Tax Act).

Individuals subject to unlimited income tax liability in Austria holding the Notes as private assets are subject to income tax on all resulting investment income pursuant to sec. 27(1) of the Austrian Income Tax Act. Investment income from the Notes with an Austrian nexus, basically meaning income paid by an Austrian paying agent or an Austrian custodian agent, is subject to withholding tax at a flat rate of 27.5% (given that the investment income is covered under sec. 27a(1) of the Austrian Income Tax Act, for which a public placement is prerequisite for securitised claims receivables; no additional income tax is levied over and above the amount of tax withheld (final taxation pursuant to sec. 97(1) of the Austrian Income Tax Act).

An option for offsetting losses in the case of investment income subject to Austrian withholding tax exists pursuant sec. 97(2) of the Austrian Income Tax Act.

10.2.2 Other taxes

Inheritance and gift taxation

Austria does not levy inheritance or gift tax. Certain gratuitous transfers of assets to private law foundations and comparable legal estates are subject to foundation transfer tax pursuant to the Austrian Foundation Transfer Tax Act 226 if the transferor and/or the transferee at the time of transfer have a domicile, their habitual abode, their legal seat and/or their place of management in Austria.

In addition, there is a special notification obligation for gifts of money, receivables, shares in corporations, participations in partnerships, certain (parts of) businesses, movable tangible assets and intangibles if the donor and/or the donee have a domicile, their habitual abode, their legal seat and/or their place of management in Austria. Not all gifts are covered by the notification obligation:

In case of gifts to certain related parties, a threshold of EUR 50,000 per year applies; in all other cases, a notification is obligatory if the value of gifts made exceeds an amount of EUR 15,000 during a period of

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five years. Furthermore, gratuitous transfers to foundations falling under the Austrian Foundation Transfer Tax Act described above are also exempt from the notification obligation.

10.3 The proposed financial transactions tax ("FTT")

On 14 February 2013, the European Commission published a proposal (the "Commission's proposal") for a Directive for a common FTT in Belgium, Germany, Estonia, Greece, Spain, France, Northern Italy, Austria, Portugal, Slovenia and Slovakia (the "participating Member States"). However, Estonia has since stated that it will not participate and on 16 March 2016 it completed the formalities required to leave the enhanced co-operation on FTT.

Following the meeting of the ECOFIN Council on 14 June 2019, the FTT, currently being considered by the participating Member States would be levied on the acquisition of shares or similar instruments of listed companies which have their head office in a member state of the EU (and market capitalisation in excess of EUR 1 billion on 1 December of the preceding year), rather than on any type of financial instrument. In order to reach a final agreement among the participating Member States and to ensure that the competences, rights and obligations of non-participating EU member states are respected, further work in the Council and its preparatory bodies will be required.

However, the FTT proposal remains subject to negotiations between the participating Member States. It may therefore be altered prior to any implementation, the timing of which remains unclear. Additional EU Member States may also decide to participate.

Prospective holders of the Notes are advised to seek their own professional advice in relation to the FTT.

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11. SUBSCRIPTION AND SALE

11.1 Subscription

Notes may be issued on a continuing basis to one or more of the Dealers and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. Notes may be distributed on a syndicated or non-syndicated basis. The method of distribution of each Tranche will be stated in the relevant Final Terms.

Notes may be sold from time to time by the Issuer to any one or more of the Dealers specified herein or any additional or other Dealers appointed in relation to a particular Tranche of Notes (the "Dealers"). The arrangements under which Notes may from time to time be agreed to be sold by the Issuer to, and purchased by, Dealers are set out in a dealer agreement dated on or about November 17, 2020 (the "Dealer Agreement") and made between the Issuer, the Guarantor and the Dealers. Any such agreement will, inter alia, make provision for the form and terms and conditions of the relevant Notes, the price at which such Notes will be purchased by the Dealers and the commissions or other agreed deductibles (if any) payable or allowable by the Issuer in respect of such purchase. The Dealer Agreement makes provision for the resignation or termination of appointment of existing Dealers and for the appointment of additional or other Dealers either generally in respect of the Programme or in relation to a particular Tranche of Notes. A subscription agreement prepared in connection with a particular Tranche of Notes will typically be dated on or about the respective date of the Final Terms applicable to such Tranche of Notes.

11.2 Transfer and Selling Restrictions

11.2.1 General

Each Dealer has represented and agreed that it will comply with all applicable laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes the Base Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or deliveries and neither the Issuer, the Guarantor nor any other Dealer shall have any responsibility therefore.

11.2.2 United States of America (the "United States")

The Notes and the Guarantee have not been and will not be registered under the Securities Act, as amended and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act.

The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the Code and regulations thereunder.

Each Dealer has agreed that, except as permitted by the Dealer Agreement, it has not offered, sold or delivered and will not offer, sell or deliver the Notes of any identifiable Tranche and the Guarantee (i) as part of their distribution at any time or (ii) otherwise until 40 days after completion of the distribution of such Tranche within the United States or to, or for the account or benefit of, U.S. persons, and it will have sent to each dealer to which it sells Notes and the Guarantee during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes and the Guarantee within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S.

In addition, until 40 days after the commencement of the offering, an offer or sale of Notes and the Guarantee within the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act.

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11.2.3 Prohibition of Sales to EEA and UK Retail Investors

Unless the Final Terms in respect of any Notes specify the "Prohibition of Sales to EEA and UK Retail Investors" as "Not Applicable", each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the Base Prospectus as completed by the Final Terms in relation thereto to any retail investor in the European Economic Area and the United Kingdom. For the purposes of this provision:

(a) the expression "retail investor" means a person who is one (or more) of the following:

(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or

(ii) a customer within the meaning of Directive 2016/97/EU (as amended, the "Insurance Distribution Directive") as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii) not a qualified investor as defined in the Prospectus Regulation; and

(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

11.2.4 United Kingdom of Great Britain and Northern Ireland ("United Kingdom")

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that:

(i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended ("FSMA")) received by it in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer or the Guarantor; and

(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

11.2.5 Switzerland

This Base Prospectus is not intended to constitute an offer or solicitation to purchase or invest in the Notes. Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that the Notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and no application has or will be made to admit any Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Base Prospectus nor any other offering or marketing material relating to the Notes constitutes a prospectus pursuant to the FinSA, and neither this Base Prospectus, any Final Terms, nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland.

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12. GENERAL INFORMATION

12.1 Supplements to this Base Prospectus

The Issuer has undertaken, unless it is not intended to issue Notes under the Programme for the time being, that if at any time during the duration of the Programme, if there is a significant new factor, material mistake or inaccuracy relating to information contained in this Base Prospectus which is capable of affecting the assessment of any investment in the Notes and whose inclusion in or removal from this Base Prospectus is necessary for the purpose of allowing an investor to make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer, the Guarantor and the Group and the rights attaching to the Notes, to prepare or procure the preparation of a supplement to this Base Prospectus or, as the case may be, publish a replacement Base Prospectus for use in connection with any subsequent offering of Notes.

If at any time the Issuer shall be required to prepare a prospectus supplement pursuant to Article 23 of the Prospectus Regulation, the Issuer will prepare and make available an appropriate supplement to this Base Prospectus.

If the Terms and Conditions (as set out in the Base Prospectus) are modified or amended in a manner which would make the Base Prospectus, supplemented, inaccurate or misleading, a new prospectus will be prepared to the extent required by law.

12.2 Interests of the Dealers

Certain of the Dealers and their affiliates may have been, may be or will be customers of, borrowers from or creditors of SIGNA Prime and its affiliates. In addition, certain Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services for the Group and its affiliates in the ordinary course of business. Furthermore, in the ordinary course of their business activities, the Dealers and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of the Issuer or Issuer's affiliates. Certain of the Dealers or their affiliates that have a lending relationship with the Issuer routinely hedge their credit exposure to the Issuer consistent with their customary risk management policies. Typically, such Dealers and their affiliates would hedge such exposure by entering into transactions, which consist of either the purchase of credit default swaps or the creation of short positions in securities, including potentially the Notes issued under the Programme. Any such short positions could adversely affect future trading prices of Notes issued under the Programme. The Dealers and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Interests of persons involved in a specific issue of Notes under the Programme will be set out in the relevant Final Terms.

12.3 Authorisation

The establishment of the Programme was authorised by a resolution of the management board of SIGNA Prime Capital Market S.C.S. dated November 5, 2020 and by resolutions of the Management Board (Vorstand) and Supervisory Board (Aufsichtsrat) of SIGNA Prime dated respectively November 5, 2020 and November 10, 2020.

12.4 Clearing Systems

The Notes have been accepted for clearance through Clearstream Banking AG, Frankfurt am Main, Mergenthalerallee 61, 65760 Eschborn, Germany ("CBF"). The Common Code, the International Securities Identification Number (ISIN) and (where applicable) the identification number for any other relevant clearing system for each Series of Notes will be set out in the relevant Final Terms.

12.5 Legal Entity Identifiers

The Legal Entity Identifier (LEI) of the Issuer is 529900R8NX8TWCAAQ266.

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The Legal Entity Identifier (LEI) of the Guarantor is 529900QXIULR159BEM47.

12.6 Documents Available

For so long as any Notes may be issued under this Programme or any Notes issued under this Programme are outstanding, electronic versions of the following documents will be available at the websites specified below:

(i) this Base Prospectus, which includes the terms of the Guarantee, and any supplement to this Base Prospectus and any documents incorporated by reference into this Base Prospectus will be published by the Issuer in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu);

(ii) the limited partnership agreement of the Issuer (https://www.signa.at/assets/upfiles/2019/01/lp-agreement-signa-prime-capital-market- scs.pdf);

(iii) the articles of association of the Guarantor (https://www.signa.at/assets/upfiles/2019/01/lp-agreement-signa-prime-capital-market- scs.pdf); and

(iv) the documents incorporated by reference into this Base Prospectus (accessed by using the hyperlinks set out in section 13.1 "Documents Incorporated by Reference" below).

12.7 Third Party Information:

With respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available to it from such third party, no facts have been omitted the omission of which would render the reproduced information inaccurate or misleading and (ii) neither the Issuer nor any Dealer has independently verified any such information and neither the Issuer nor any Dealer accepts any responsibility for the accuracy thereof.

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13. DOCUMENTS INCORPORATED BY REFERENCE

13.1 Documents Incorporated by Reference

The pages specified below of the following documents, which have previously been published or are published simultaneously with this Base Prospectus and which have been filed with the CSSF, are incorporated by reference into this Base Prospectus. Documents listed under (ii) and (iii) are translations, for which the Issuer is responsible, of the German originals:

i. Extracted from: interim report for the period January 1 to June 30, 2020 of SIGNA Prime Selection AG:

pp. 4-5 Report on the Review of the Condensed Consolidated Interim Financial Statements

Annex I, Consolidated Statement of Profit or Loss and other Comprehensive Income p. 2 Annex I, Consolidated Statement of Financial Position pp. 3-4 Annex I, Consolidated Statement of Cash Flows p. 5 Annex 1, Consolidated Statement of Changes in Equity p. 6 Annex I, Notes to the Unaudited Condensed Consolidated Interim Financial Statements pp. 7-17

ii. Extracted from: audited consolidated financial statements of SIGNA Prime Selection AG as of and for the financial year ended December 31, 2019, and the independent auditor's report (Bestätigungsvermerk des unabhängigen Abschlussprüfers) in respect thereof:

pp. 7-10 Auditor's Report Annex I, Consolidated Statement of Profit or Loss and other Comprehensive Income p. 4 Annex I, Consolidated Statement of Financial Position pp. 5-6 Annex I, Consolidated Statement of Cash Flows p. 7 Annex I, Consolidated Statement of Changes in Equity p. 8 Annex I, Notes to the of Consolidated Financial Statements 2019 pp. 9-67

iii. Extracted from: audited consolidated financial statements of SIGNA Prime Selection AG as of and for the financial year ended December 31, 2018, and the independent auditor's report (Bestätigungsvermerk des unabhängigen Abschlussprüfers) in respect thereof:

pp. 7-9 Auditor's Report Annex I, Consolidated Statement of Profit or Loss and other Comprehensive Income p. 5 Annex I, Consolidated Statement of Financial Position pp. 6-7 Annex I, Consolidated Statement of Cash Flows p. 8 Annex I, Consolidated Statement of Changes in Equity p. 9 Annex I, Notes to the of Consolidated Financial Statements 2018 pp. 10-71

The pages not listed in the tables above are not incorporated into this Base Prospectus and are either not relevant for the investor or covered elsewhere in the Base Prospectus.

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13.2 Availability of Documents

Copies of documents incorporated by reference in this Base Prospectus may be obtained (without charge) from the registered office of the Issuer and the website of the Luxembourg Stock Exchange (www.bourse.lu).

Electronic versions of the documents incorporated by reference are also available on the website of the Luxembourg Stock Exchange and can be accessed by using the following hyperlinks:

Interim report for the period January 1 to June 30, 2020 of SIGNA Prime Selection AG: http://dl.bourse.lu/dlp/10c6d30fecf1ef446988365c440b52e200

Audited consolidated financial statements of SIGNA Prime Selection AG as of and for the financial year ended December 31, 2019, and the independent auditor's report (Bestätigungsvermerk des unabhängigen Abschlussprüfers) in respect thereof: http://dl.bourse.lu/dlp/10d6dbf083f784461bbb2cc7fab4e88990

Audited consolidated financial statements of SIGNA Prime Selection AG as of and for the financial year ended December 31, 2018, and the independent auditor's report (Bestätigungsvermerk des unabhängigen Abschlussprüfers) in respect thereof http://dl.bourse.lu/dlp/1092223a63da8846dca07d8495d6d039f5

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14. NAMES AND ADDRESSES

ISSUER SIGNA Prime Capital Market S.C.S. 5, rue Heienhaff, L-1736 Senningerberg, The Grand Duchy of Luxembourg

GUARANTOR SIGNA Prime Selection AG Maria-Theresien-Straße 31 6020 Innsbruck Austria

FISCAL AND PAYING AGENT Citibank Europe PLC 1 North Wall Quay Dublin 1 Ireland

ARRANGER Citigroup Global Markets Limited Citigroup Centre Canada Square Canary Wharf London E14 5LB United Kingdom

DEALERS Citigroup Global Markets Europe AG Citigroup Global Markets Limited Reuterweg 16 Citigroup Centre 60323 Frankfurt am Main Canada Square Federal Republic of Germany Canary Wharf London E14 5LB United Kingdom

AUDITORS To the Issuer To the Guarantor

KPMG Luxembourg, Société coopérative, KPMG Austria GmbH 39, Avenue John F. Kennedy, Wirtschaftsprüfungs- und Steuerberatungsgesellschaft L-1855 Luxembourg, Kudlichstraße 41 The Grand Duchy of Luxembourg 4020 Linz Austria

LEGAL ADVISORS To the Issuer and the Guarantor To the Dealers with regard to German and Luxembourg law with regard to German law

Clifford Chance Deutschland LLP White & Case LLP Mainzer Landstrasse 46 Bockenheimer Landstraße 20 60325 Frankfurt am Main 60323 Frankfurt am Main Federal Republic of Germany Federal Republic of Germany

To the Issuer and the Guarantor To the Dealers with regard to Austrian law with regard to Austrian law

ARNOLD Rechtsanwälte GmbH Weber Rechtsanwälte GmbH & Co KG Wipplingerstrasse 10, Rathausplatz 4 1010 Vienna 1010 Vienna Austria Austria

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